its a possible zone.if we consider the moves as a falling wedge in this zone (6-11.5k) , breaking it will reach 11.5k.
1.falling wedges forming at the end of the correction
2.huge amounts of btc has been bought at 5.8-6k by exchanges
3.maybe april's rally was just an ordinary move in this zone.
4.ETH and XRP reached important supports too.
price had a reaction at the uptrend line but it wasn't enough for starting a bullish rally.price broke the uptrend and had a pullback showing that it will continue downwards.the chart is like a broken head and shoulders and price probably will go down.price had a bounce at 700 area too , but nobody knows what will happen.700 area was a good support for last...
after last bullish rally , its likely BCH is moving in a triangle.in my opinion , breaking down means failure of the whole cryptocurrency market at least for couple of years.lets see which way it will break out.
as you can see this is the same area where bitcoin lost bullish momentum in march and finally fall down to 6700 area.now it has made a triangle in H2 timeframe.lets see which way it will breakout.
this is longer term elliot wave theory from 2012 until now.the channel is monthly ascending channel.its a possible scenario that we started wave 5 of long term bullish rally.
this is the big picture:
the bearish scenario is linked below
i think there are a lot of big players in the market with huge balances and even more in their bank accounts that can move the market on their will and they're trying to make money.there are a lot of retail traders like you and me looking for possibilities to make profitable trade.every market has its own conditions and players and its not just about bitcoin.i...
there are 2 bullish setup for bch :
1.round bottom that formed cup and handle
2.a flag after a sharp bullish rally
i have estimated targets according to patterns.price should break the resistance 1500 area for rising.