Elliott Wave Analysis of Bitcoin Cash $BCHUSDT-PAnalyzing Bitcoin Cash (BCH) on the 1H timeframe using Elliott Wave theory, we observe a potential bearish continuation forming.
🔹 Wave Count & Structure
The primary structure suggests a Wave 4 correction has completed, leading to a possible Wave 5 decline.
A descending triangle formation has been broken, with an (A)-(B)-(C)-(D)-(E) wave structure confirming the pattern.
A sub-wave 1-2-3-4-5 impulse appears to be developing for the next downward move.
🔹 Key Levels
Entry Zone: The price has rejected from resistance around $350.
Target Zone: Bears could push price toward the $286 - $281 demand zone, with an extended target near $260 if selling pressure persists.
Invalidation Level: A break above $350+ would negate this bearish setup.
🔹 Market Context
Bitcoin's movement could influence BCH direction.
Confirmation needed with volume & candlestick structure before a strong move.
🚨 Bearish Bias – Watching for a potential breakdown continuation with proper risk management. Let me know your thoughts in the comments! 🔥💬
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