Long

BCHUSD to remain bullish with $5k target in sight

Updated
As trading on Gdax went live, there was a round of selloffs for fear that a huge dump will come. I believe most people on Gdax are investors, not shills of any coin in particular. Therefore, I believe the selloff is temporary. It would be very amateurish to sell into a dump.

From the current rally, we see that BCH retraces to 0.5 and 0.618 levels. Unfortunately, Wave V, which I thought could've reached $4777 circa, was interrupted by this selloff.

During this selloff, UO generated a buy signal. I think to finish off the correction waves, there'll be one more drop to $3450 circa before leveling off for the next round of impulse waves -> yes, I believe there'll be one coming around soon, because BCH is currently very bullish. It's not a 6000 BCH sell wall on a single exchange will erase (btw, the sell wall is now only half its original size -> some people sadly sell into the dump).

Check the indicators. Don't sell into a dump!

Check out my site: jlteng.com

One last thing: Don't listen to the shills talking about bitcoin or bitcoin cash killing the other. You're the market. The market decides.
Note
appears to be a breakout from the falling wedge. let's see if this develops into another rally
Note
Completely didn't expect this crash. Now we MAY have a bearish pennant -> which could lead to a further drop to 2400-2600.

However, this market changes very quickly. I'd wager that the above is the worst-case scenario.
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