Good morning, Traders! In the long-term, starting from where it was introduced into Bitfinex, BCH has been following a very fundamentally sound Elliott impulse wave pattern. The first 3 waves were characterized by the close of the previous highs and lows. I believe the end of wave 4 has recently occurred due to the notion that wave 2 was quite long, lasting a few months. Meaning that wave 4 should be shorter lived before the beginning of wave 5. This, and the fact that there is a strong upward trend line that was formed near the end of October are the strongest basis I have for the starting of wave 5. As the price began its decline in 2018, the price was seeing lower highs as well as higher lows but has not broken the upward trend line or some strong support levels like $1000 and $900. At this time, the price is essentially just using the EMA(100) as resistance and the upward trendline as support. So, ultimately, whichever one of these blockades are broken with enough volume will be the cause of the next run. I'm leaning towards the EMA(100) being broken just because of the sheer amount of support along with traders starting to become much more bullish in the month of March which would help immensely with volume.
Important Resistance Levels: $3802, 2836, 2194, 1667
Important Support Levels: $1131, 1000, 890
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WITH THIS CONTENT CRYPTOCURRENCY CAPITAL LLC OR ITS AFFILIATES DO NOT PROVIDE INVESTMENT, TAX, LEGAL OR ACCOUNTING ADVICE. THIS MATERIAL HAS BEEN PREPARED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED TO PROVIDE, AND SHOULD NOT BE RELIED ON FOR, TAX, LEGAL, ACCOUNTING OR INVESTMENT ADVICE. YOU SHOULD CONSULT YOUR OWN INVESTMENT, TAX, LEGAL AND ACCOUNTING ADVISORS BEFORE ENGAGING IN ANY TRANSACTION AT YOUR OWN RISK.
CONFLICTS OF INTEREST
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Written by:
Arham Bheda
Senior Research Analyst
Important Resistance Levels: $3802, 2836, 2194, 1667
Important Support Levels: $1131, 1000, 890
DISCLAIMER
WITH THIS CONTENT CRYPTOCURRENCY CAPITAL LLC OR ITS AFFILIATES DO NOT PROVIDE INVESTMENT, TAX, LEGAL OR ACCOUNTING ADVICE. THIS MATERIAL HAS BEEN PREPARED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED TO PROVIDE, AND SHOULD NOT BE RELIED ON FOR, TAX, LEGAL, ACCOUNTING OR INVESTMENT ADVICE. YOU SHOULD CONSULT YOUR OWN INVESTMENT, TAX, LEGAL AND ACCOUNTING ADVISORS BEFORE ENGAGING IN ANY TRANSACTION AT YOUR OWN RISK.
CONFLICTS OF INTEREST
GIVEN THE NATURE OF THE FUND’S BUSINESS MODEL, IT IS NOT POSSIBLE TO FORESEE AND PREVENT ALL POSSIBLE CONFLICTS OF INTEREST THAT MIGHT ARISE OVER THE LIFESPAN OF THE COMPANY. AT THE TIME MATERIAL WAS PUBLISHED, CRYPTOCURRENCY CAPITAL LLC, ITS AFFILIATES, OR ITS PRINCIPALS, MAY HOLD LONG/SHORT POSITIONS IN THIS PARTICULAR COIN.
Written by:
Arham Bheda
Senior Research Analyst