Bitcoin cash is bearish – Elliott wave analysis

Gregor Horvat Wavetraders

BCHUSD is bearish, now seen in a corrective wave iv, which is a triangle, and is part of a bigger impulse in wave (c) or (iii). At the moment final stages of a triangle are being made, so we would not be surprised by a decisive break below the lower triangle line, which would signal a wave v of (c) or (iii) to be underway. Wave v of (c) or (iii) can later drop below the 200.0 area.

In case of a flat or a more complex pattern on the BCHUSD price can unfold one more leg higher, before a reversal.

BCH/USD, 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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