Guys, we've all been following Bitcoin Cash since it first took off on that ridiculous rampage where we all (for a second) took the "cashening" more seriously.
A lot of analysts out there predicted $3,400. But not many of us expected that extended 3rd above $4,000. That was just nutz.
But guys, I think it's fair for us to call this run over. It's looking like a sharp correction, and honestly, I think a long-term entry level of sub-$3,000 isn't bad. I will probably aim for around the $2500 area in a week or two. My projections lead me to a 5th wave that's going to lead us to around $6,000 area. Our target range is $5,620 - $6,300. I think we could get pretty low here on our retrace. And that would be fair, simply because our wick on that first impulse wave was REALLY long. I felt bad for those who bought there, but not anymore.
Nonetheless, this correction is normal, and will probably take a week or 2 or 3. My timetable for the 5th wave to be conquered is about 2 months from now. However, this market moves fast so who knows. When it reaches this 5th wave, I'll be looking for re-entry for a long-term position. I may have some fun here and do a 1-2 year projection. Quite frankly, I think Roger Ver might be on to something. Bitcoin Cash's growth rate is ridiculous in comparison to Bitcoin. I think the two can live happily together, but I am not going to be the least bit surprised if Bitcoin Cash takes over and reigns supreme. I mean, just making simple transactions is much much more efficient. Why not gravitate to the more useful tools? Do you want to build a shed with a hammer and nails or a spoon and straws? LOL just kidding man, BTC is not a spoon and straws.
And of course, I will follow-through with this post on updates and progress. I constantly track how my predictions are going.
A lot of analysts out there predicted $3,400. But not many of us expected that extended 3rd above $4,000. That was just nutz.
But guys, I think it's fair for us to call this run over. It's looking like a sharp correction, and honestly, I think a long-term entry level of sub-$3,000 isn't bad. I will probably aim for around the $2500 area in a week or two. My projections lead me to a 5th wave that's going to lead us to around $6,000 area. Our target range is $5,620 - $6,300. I think we could get pretty low here on our retrace. And that would be fair, simply because our wick on that first impulse wave was REALLY long. I felt bad for those who bought there, but not anymore.
Nonetheless, this correction is normal, and will probably take a week or 2 or 3. My timetable for the 5th wave to be conquered is about 2 months from now. However, this market moves fast so who knows. When it reaches this 5th wave, I'll be looking for re-entry for a long-term position. I may have some fun here and do a 1-2 year projection. Quite frankly, I think Roger Ver might be on to something. Bitcoin Cash's growth rate is ridiculous in comparison to Bitcoin. I think the two can live happily together, but I am not going to be the least bit surprised if Bitcoin Cash takes over and reigns supreme. I mean, just making simple transactions is much much more efficient. Why not gravitate to the more useful tools? Do you want to build a shed with a hammer and nails or a spoon and straws? LOL just kidding man, BTC is not a spoon and straws.
And of course, I will follow-through with this post on updates and progress. I constantly track how my predictions are going.
Comment:
Comment:
I just turned into a bear real fast lol. That drop was too low, and it supports an alternate wave count of this being a post-wave 5 correction. Bitcoin cash corrections have always taken a long time with very quick pumps, I'm not expecting this too be much different. It's already shown signs of a LOT of bearishness. I think we have the possibility of retesting the height of the previous A subwave, but I can't see it getting much higher anytime soon.
I'll be back into this when I feel like we get an actual impulse wave up to a NEW *Higher target that will be higher than $8,000.
I just turned into a bear real fast lol. That drop was too low, and it supports an alternate wave count of this being a post-wave 5 correction. Bitcoin cash corrections have always taken a long time with very quick pumps, I'm not expecting this too be much different. It's already shown signs of a LOT of bearishness. I think we have the possibility of retesting the height of the previous A subwave, but I can't see it getting much higher anytime soon.
I'll be back into this when I feel like we get an actual impulse wave up to a NEW *Higher target that will be higher than $8,000.
Comment:
So I saw Excavo made an update on Bitcoin cash, saying the resistance was broken (Great analyst, should check him out). So I wanted to check it out for myself. I don't think we're gonna break this resistance. But I could be wrong. I will keep a close eye on this, But I think we will hit that bottom support line again. We all know how Bitcoin cash is when Bitcoin doesn't do well. So I will keep a close eye on this as it unfolds. I think my initial analysis was correct, and I would like to add to a position if I see it hit that bottom support. First target should be $5,999 with the possibility of a higher target.
So I saw Excavo made an update on Bitcoin cash, saying the resistance was broken (Great analyst, should check him out). So I wanted to check it out for myself. I don't think we're gonna break this resistance. But I could be wrong. I will keep a close eye on this, But I think we will hit that bottom support line again. We all know how Bitcoin cash is when Bitcoin doesn't do well. So I will keep a close eye on this as it unfolds. I think my initial analysis was correct, and I would like to add to a position if I see it hit that bottom support. First target should be $5,999 with the possibility of a higher target.
Comment:
Another thing, check out the RSI. When I look for actual impulse waves, there is usually an arch in the RSI. This little shot up doesn't have that, it has just a really weak support line that it doesn't have hard bounces off of. I THINK it'll break it and head back down.
Comment:
There go we go. It never broke that support and it began to arch at that upper level, likes what I like to see. Take this as a lesson, don't doubt Excavo! lol. Alright, I'm entering this trade after I see a correction will bullish indication. I like my RR right here, even for Target 1. I will activate the trade when I join in.
There go we go. It never broke that support and it began to arch at that upper level, likes what I like to see. Take this as a lesson, don't doubt Excavo! lol. Alright, I'm entering this trade after I see a correction will bullish indication. I like my RR right here, even for Target 1. I will activate the trade when I join in.
Trade active:
Last night it only failed to breakout because of Bitcoin. I like the buying pressure right now. I'm in. I will be day trading this to reduce my risk of failure.
Trade closed manually:
I don't like the this thread, I am starting a new one.