Bitcoin Cash: Getting ready for a big move?

This chart shows BCHUSD on the 1D scale. We have identified two very similar pattern structures that may be an indicator of a market move towards December. Those are the January 10th bearish sequence from 2,945 to 605 and the May 6th bearish sequence from 1,858 to 408. Both Lower Highs on the 1W Falling Wedge.

Similarities:

- Both resulted in around 77% - 79% loss in value.
- Both kept their bearish sequence on structured Lower Highs.

Projection:

If the current bullish leg on 1D (B/BP = 41.2548) breaks the curve, then the pattern can repeat itself and reach just above the 0.500 Fibonacci level at 1,183.90 before December.

Of course this is only a medium term technical projection based on the probability of recurring patterns. Long term investors should wait for a clear bottom to be made before they buy again for the next 2019/ 2020 bull market.


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