Bitcoin Cash: Rally or Crash?Is this a falling wedge reversal we see? Then we need a game plan!
The max consolidation level stopped the drop and we’ve seen a nice bounce. From here, we may see a breach of the falling wedge, a fibo extension target at $454, the pennant target at $466, and possibly even a daily target at $612. I can also see the rally kissing the major fibo resistance at $707.
Alternatively, we may resume the downtrend by breaking through the key fibo level at $359, the sub-key fibo at $341, and finally with bearish confirmation at $307. A fibo extension gives us a target on the hourly at $250 and a daily at $154 if we break the all-time low (I think this is unlikely at this time).
My method also includes analyzing the $BCHBTC pair. Here is the plan of action in that chart:
PLEASE NOTE: the long idea here is counter-cyclical until a breach of the bullish confirmation at $484.
As always, I will be updating this daily.
Cheers and GLWT!
Erik.
*If you like my ideas, please upvote :)
Bitcoincashforecast
BCH found its bottom, time to push a little higher!An ABC correction with an extended C as i see it, BCH started with an impulse again, the long term support held the bleeding, let's see if it can reach again the resistance and form that fractal!
BCH trough an ABC correction bottom could be aroud $360Looks like BCH is correcting from an 5 impulsive waves waving from $300 to $540, C could find the bottom around $360.
Bitcoin Cash going to test the buy zone again.Bitcoin Cash seems to be under a bit of pressure from the usd on the near term. Still doing very well in my opinion seeing how the market responded on the dip down to $300.
It is possible that the prices could go down into the 300 dollar zone again and if the market responds the same a nice double bottom will be formed and quite a good buy signal. For now we will keep an eye on the market.
Considering some buy orders in the $300 zone as well as a long position if 570 gets broken.
