BCH - Ready for New Highs
Updated
BCHUSD has broken out of the downtrend channel that it has been in since reaching all time highs in Dec-Jan. The price broke the downtrend channel between the Fibonacci numbers of 1.414 & 1.618.
We have seen a recent spike which has only retraced 23.6% which suggests we are going to have an extended wave.
The first target is at approx.
BCHUSD$1269 (1 Week)The second target is at approx.
BCHUSD$1889 (1 Month)I will update this analysis for corrections.
Feel free to ask questions.
-AB
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1HR Chart
Fibo Extensions of Wave 1 of the Lower Degree
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My Analysis still stands....I believe we will still have an extended 3rd wave of the higher degree.
In my last post the 3rd Wave of the lower degree (Red #'s on chart) retraced only 23.6% but has now retraced up to 61.8%. and seems to be holding at the 50% retracement level. I believe we will hold this level and continue to move higher to the top of Fibonacci Channel towards the 1.618 level.
Worst case scenario is we have a failed wave and retrace the lower degree 3rd wave to the 1.618 retracement level (see chart $665 level)
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We have had a failed 5th Wave of the Lower Degree which has led to another ABC Correction. The higher degree 3rd Wave is still OK if it holds above the $665 level. We are currently at $695 trying to hold the 78.6 Retracement Level. The chart is also forming a bullish inverse head and shoulders pattern.
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We have found the bottom of Wave 2 of the Higher Degree at the $695-$700 price range. I'm now looking for the 3rd Wave to travel to at least the 1.618 Fibonacci Extension level. If the 3rd Wave goes meaningfully past the 1.618 level (i.e. 2.00, 2.272, 1.78) it will have an extension towards the 3.00-4.00 levels.
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Reversal of Trend Formation: Head and Shoulders
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Wave 1 and 2 of the Lower Degree (Red #s)
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We had another failed wave of the lower degree...
Now, we need to hold the 1.618 Level which is labeled "Critical Support". If you break the 1.618 level we could see new lows. The probability of that happening is LOW. I would say it would be a 10% chance of breaking that support level.
My targets are still in place if we hold $665.
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Still holding key level...
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We have held the key level of $665. We have a reflex formation that is also forming an Inverse Head and Shoulders. I would put a Stop very close to the recent low. We should NOT go below that level of $665.
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Inverse Head And Shoulders...
We should be getting a 3rd Wave soon!
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We should be going up in the next 3 hours...
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Latest Chart!
The $805-$815 Level looks interesting...
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We have an extended 3rd Wave....
It is hard to tell what Fibonacci Extension level it extend too.
I am liking the 2.618 level.
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We hit 2.618 level almost exactly.
I believe this is a correction point.
The last correction was a FLAT correction with a 5-3-5 Wave Sequence.
This correction should be a ZIGZAG with a 3-3-5 Wave Sequence.
I'm looking for a retracement to the $780 Level.
These corrections are great opportunities to sell high and buy low...
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Update: BCH wants to go higher. I would put a stop under $792 just incase this is a head fake! The next level is $830 or 300%.
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I was right that this is a correction.
We should see a retracement to the 38.2% level.
We are waiting for the C wave to complete.
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If you kept a STOP at $792, that was the right call.
BCH has completed a 5th Wave and is now in a 3 Wave correction.
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New Chart...
We are in the midst of the ABC correction.
The C wave is now finishing...
Remember, the lower degree 3rd Wave was extended so we will most likely have an extended higher degree 3rd Wave.
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Correction is almost complete...
I have a STOP-LIMIT @ $800-$795 just incase we have a complex correction.
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Here is the 5 Wave Sequence and 3 Corrective Waves...
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We had another ABC Correction.
My STOP hit and was able to accumulate more BCH! Let’s go higher!
We had a small 5 wave Sequence at the bottom so I do NOT expect to go lower but my new STOP is at $785.
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We are going to the 1.382 Level from the Fibonacci Extension from Waves AB.
The Price level is the Horizontal line at $733. I sold out at $785 with a STOP-BUY at $735. Best way is to play both the long and short side.
The chart shows 2 Fibonacci Spirals that cross around the $735-$715 Level. The Chart sequence should hit and run along that intersection of the Fibonacci Spirals.
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Target: $730
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Target Hit
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C Wave almost complete. Get Ready!
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After Failed Waves...Is it time?
I believe so...
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Fibo Spiral Analysis Comment
Today Target $606
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Elliot Time
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Fib Time
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