Elliott wave Analysis: BCHBTC Can Face Support And Bounce Near 0.033

Gregor Horvat Wavetraders

Hi traders,

BCHBTC made a sharp and impulsive rally from lows (0.02355 area), which suggest more upside after a correction. So, currently price can be unfolding a deeper double zig-zag w-x-y corrective decline, where ideal support would be between 61,8% - 78,6% Fibo. retracement and around 0.033 area. Any earlier rally back above 0.049 region would be an indication of a completed correction and a bullish reversal. Of course, price may go even more complex or sideways, but important is that we will remain bullish as long as it's trading above 0.02355 invalidation area.

BCHBTC, 4h

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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