BCH is forming a symmetrical triangle, and we are at the very tip of it. That means that correction is almost over! When the wedge formed between August to October, the price exploded afterwards! We are now forming a very similar pattern. There is no reason to think that the same thing wouldn't happen to BCH.
The RSI is showing the same thing. The RSI is forming a bullish falling wedge. Last time we formed a bullish falling wedge, the price skyrocketed. Why won't the same thing happen again?
With Elliott Wave analysis, we see that we are forming a ABCDE correction and are on wave 4. That means we have one more wave to ride, and that wave will bring us to a new all time high!
The journey to $3000 will be a rough one, but remember this is not a swing trade or a day trade. It could take us a couple months. Still, doubling your money isn't bad, right?
Symmetrical Triangle So Could Plummet Too Right?!?
My sense is we won't see 3k
If we do then we do and cooooooooooooooooooooooooool...
aoeuaoeu
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@qdoc, Yes, symmetrical triangle mean that the prices could go either way. But the overall cryptocurrency is so bullish right now that I wouldn't expect BCH to go down. Also, we could just put a stop loss around 950, which gives up a 1 to 4.1 risk to reward ratio. Not bad, right?
Doc-al-Citadel
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@aoeuaoeu, yeah not bad. Keep and eye on btg and etc ;-)
Kunalbansal23
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I hope it breaks this tym... Running out of patience now
Lihnku
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Ohh.! I hope you are right. Seen a lot of triangle the last days, but it seems like they go the wrong way! Great chart. Never thought on the triangle on RSI! Thanks! ;) Good luck!
BCHBTC appears to be at the end of a long ABC correction and a wedge. What do you think?