BCH (Bitcoin Cash ABC) Analysis with Elliot Waves
Hello Guys,
BCH(Bitcoin Cash ABC) has started its downtrend wave since around 21st December 2018 and expected wave (5) to end soon with the ascending triangle pattern.
The triangle pattern tends to break upward after playing 5 waves and now we might be in a potential 5th wave of the triangular pattern.
If it were to hit the ceiling of the pattern that is approximately 175 USDT, and if it were to break out from the pattern approximately 200 dollars could play out.
Other things to consider:
1.Ascending Triangle Pattern has a rate of roughly ~72.77% (i) chance of breaking upward.
2. I personally bought at the start of the wave (4) and got stopped out around 170 dollars. I am waiting to enter a position around this level to see how it plays out. If I do I will enter with a tight stop loss 1.5~2.5%.
3. Please consider that TAs could turn out wrong, and play against you and that is why it is very important to set up stop losses.
Reference
(i) samuraitradingacadem...ice-action-patterns/
BCH(Bitcoin Cash ABC) has started its downtrend wave since around 21st December 2018 and expected wave (5) to end soon with the ascending triangle pattern.
The triangle pattern tends to break upward after playing 5 waves and now we might be in a potential 5th wave of the triangular pattern.
If it were to hit the ceiling of the pattern that is approximately 175 USDT, and if it were to break out from the pattern approximately 200 dollars could play out.
Other things to consider:
1.Ascending Triangle Pattern has a rate of roughly ~72.77% (i) chance of breaking upward.
2. I personally bought at the start of the wave (4) and got stopped out around 170 dollars. I am waiting to enter a position around this level to see how it plays out. If I do I will enter with a tight stop loss 1.5~2.5%.
3. Please consider that TAs could turn out wrong, and play against you and that is why it is very important to set up stop losses.
Reference
(i) samuraitradingacadem...ice-action-patterns/
Trade closed: stop reached:
ello guys, quick update on BCH, after Bitcoin's fail in rallly caused the blood bath of alts. We were expecting the break to the upside to the 4.2k level buy it has failed three times before the dip. Even if the chart was to drawn correctly, if overall market decides to fall, it will ignore the TAs and play against you. That is why it is very important to set a proper stop losses to protect your profit/capital.
I would personally wait to see how BTC plays out for any trades at the moment. This is little out from the TA but keep in mind bitcoin market has fallen close to when Chinese New Year (Starts Jan 16th and lasts for two weeks) over the few years. Last bear market, it went down tremendously around that time.
I would personally wait to see how BTC plays out for any trades at the moment. This is little out from the TA but keep in mind bitcoin market has fallen close to when Chinese New Year (Starts Jan 16th and lasts for two weeks) over the few years. Last bear market, it went down tremendously around that time.