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BCH/USD Elliott Wave analysis: Be aware of reversal down

BCH/USD Elliott Wave analysis: Be aware of reversal down
Gregor HorvatGregor HorvatWavetraders

Bitcoin Cash, BCHUSD is in a bigger intraday recovery mode, but also in three waves a-b-c for now, which could still belong to a wave C as part of a bigger bearish running triangle pattern in wave (B), so watch out for limited rise and be aware of another reversal down.

However, now that is close to June highs, we also have to be aware of a potential jump or spike into 800-1000 resistance area as part of flat correction in wave (B), before it turns down.

BCH/USD 4h Elliott Wave analysis chart

BCHUSD

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Author

Gregor Horvat

Gregor Horvat

Wavetraders

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

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