BCHUSD Experimental Elliot Wave Setup 1 Hour
Updated
I guess I'm going to start calling this the Mikeiavelli Wave since it's not exactly an Elliot wave, but really just an Elliot wave setup that is using price's distance from an exponential moving average to chart the wave instead of the literal price action of bitcoin cash/bitcoin.
So I spotted something while setting up this BCH chart, and that the targets of two waves, one a sub wave, line up the 1.618 and 1.414. Funny thing is this is the same for bitcoin's chart:
Not sure what to make of the confluence, I suppose in the initial wave, if the btc/bch ratio stayed the same, then the waves would have the same fib ratios, but this was over quite some time, so on jan 24th, the ratio was .036, and on the 4th of feb, the ratio was .041
So anyways very interesting, will continue to look for this harmony, and maybe check ethusd next.
Original Experimental Elliot Wave:
Previous Analysis:
Trade closed: target reached
Bam
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