EW ANALYSIS: Bitcoin Cash Ready To Fly?!
Hello Crypto traders!
Let's talk about Bitcoin Cash!
Bitcoin Cash was one of the first in which a rise occurred at the end of December in 2018. And now, it could be the first one that can complete a correction since we see both, BCHUSD and BCHBTC at important support area between 61,8% and 78,6% Fibonacci retracement!
But, the most important from EW perspective is that we can clearly see a three-wave a-b-c corrective structure from highs, where wave "a" is a leading diagonal, wave "b" is a triangle and motive wave "c" ended by five waves!
That said, we really like Bitcoin Cash for a potential bullish turn here, but we need confirmations, so if we see a sharp bounce or a five-wave rally away from current support area, followed by a break above previous wave "b" (BCHUSD above 167 and BCHBTC above 0.043), only then we can confirm a completed correction and we can start considering bullish scenarios!
Invalidation levels remain at December 2018 lows!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Let's talk about Bitcoin Cash!
Bitcoin Cash was one of the first in which a rise occurred at the end of December in 2018. And now, it could be the first one that can complete a correction since we see both, BCHUSD and BCHBTC at important support area between 61,8% and 78,6% Fibonacci retracement!
But, the most important from EW perspective is that we can clearly see a three-wave a-b-c corrective structure from highs, where wave "a" is a leading diagonal, wave "b" is a triangle and motive wave "c" ended by five waves!
That said, we really like Bitcoin Cash for a potential bullish turn here, but we need confirmations, so if we see a sharp bounce or a five-wave rally away from current support area, followed by a break above previous wave "b" (BCHUSD above 167 and BCHBTC above 0.043), only then we can confirm a completed correction and we can start considering bullish scenarios!
Invalidation levels remain at December 2018 lows!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Comment:
UPDATE: Seems like Cryptos really like 78,6% Fibo. retracements. BCH went into new lows, but we are still tracking a corrective decline from highs, where ideal support would be here around 78,6% Fibo. retracement. Be aware of a bullish turn soon while it's trading above January lows.
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