BCH is experiencing an ABC correction and is almost done! Wave C always has 5 waves, and the fifth one is about to complete! Wave 5 is extended so there are five subwaves. The fifth subwave has not yet completed and should bring the price to the support line of the falling wedge, which is around $900.
Now if we zoom out and take a look at the bigger picture, we see that BCH has only completed the primary waves 1 and 2. That means the biggest wave (wave 3) has yet to come. Wave 3 is never the shortest so the price of BCH will at least hit around $4700. Since the crypto-market is so bullish, it wouldn't be unreasonable to target the 1.618 Extension, giving us a target of $7200.
Entry: $800-940
Stop: $650
Target: $4700-$7200
Now if we zoom out and take a look at the bigger picture, we see that BCH has only completed the primary waves 1 and 2. That means the biggest wave (wave 3) has yet to come. Wave 3 is never the shortest so the price of BCH will at least hit around $4700. Since the crypto-market is so bullish, it wouldn't be unreasonable to target the 1.618 Extension, giving us a target of $7200.
Entry: $800-940
Stop: $650
Target: $4700-$7200
Comment:
We might have a truncated fifth wave, and this MAY be the bottom. I'm not so sure where the bottom is, but we are getting close.
Comment:
We're in the buy zone. Let's see how much lower it will go.
