BCHBTC to New All Time Low. 90% drop short opportunity.EW count says it all really. Target is 0.003232, or a 90% drop from here over the next few months.
First target will be the 0.026 region. Depending on the bounce there, we can decide if this 90% drop scenario will play out. Stop should be on that white line.
A closer look at the elliott wave count. Note that we broke the upwards sloping support and there is literally no support from here. (Note that waves 3 and 4 are speculative at this point as we don't have a definite price point to measure it from yet, but this would be based off of fib levels from wave one to wave 2. I expect the white line sloping down to act as pretty strong resistance, which can give us an idea of time frame for this trade. BCH could turn bullish again if it broke this line.
MACD looks like it just suicided off a cliff.
Meanwhile, here is the USD pairing. Clear huge bearish wedge forming. Although in my opinion this one seems less bearish, it STILL makes sense to short the BTC pairing, assuming that BTC continues its parabolic move up, because we would not expect BCH to move up more than BTC.
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However, if the daily closes like this, it's best to lower the stop loss.
That's all from me. Please be careful with your trades and good luck!
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