Similar to my recent posts on ETC, ETH, I see BCH on the last leg of this 6 month downtrend in the form of 5th wave of a leading diagonal. Expecting a drop to $160-$170 and then an easy 50-70% rally for the next few weeks (2 months?)
However, leading diagonal signals the beginning a new bigger downtrend and I expect the price to eventually drop below $100 after the bounce. This is also in alignment of my macro charts on ETC, ETH (see linked charts), the assumption that early 2019 rally was a bull trap as appears to be in 3 waves (green ABC)
If this assumption is correct, the 50% bounce itself will be in 3-waves (ABC)
A more bullish version is that we just finishing a red ABC correction and we are in the last leg of the C wave, so the bounce could take out the highs or reach to the top. Confirmation is break above $300
In both cases, I expect a bounce
Confirmation for this idea is when we breakout of the diagonal. I believe ROI for longs is better in the next 1-2 months
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Here is an 8H close-up of this drop, the larger count is different, but still points a decent rally after the drop
Why it is going up ? instead following your chart ?
gouravjoshi623
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👍👍👍
mbpump
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475$ buy bch I bought
elliottbro
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@imkeshav so the confirmation about break above 300 took place. can you post an update on where you think this one stands now?
iamweo
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Hahah target reached? Man are u scammer?
First u said short 190
Then sell at 260 because its wave 5 and bearish divergence
And now after price pumped u just post ya target reached!!!!
Shame on u
Stop it!!!!!
imkeshav
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@Weooo, You caught me!
iamweo
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Wrong again
Please update ur idea and mention trade closed my idea was extremely wrong!!!!!!!
imkeshav
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@Weooo, I mentioned trade confirmation is after breaking from the diagonal, didn't we breakout from the diagonal? Also made an update at $194 on twitter that I expected a bounce and also closed my shorts, feel free to check it out
You are so bent on proving me wrong, you missed a 50% move ETC
iamweo
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how come u think bch going below 100$ before the halving?
I can agree if you see that happening after the halving, however if you remember ltc this year did 4x till the halving day