Bitcoin Cash Elliott Wave analysis: More weakness ahead
There is no big changes in the Crypto market over the weekend actually. We have seen slow and mostly sideways price action, which we still think it's a consolidation within a downtrend.
After another sharp decline, seems like Crypto market is making a new short-term corrective recovery so, still be aware of a bearish continuation, but maybe after some Monday's rally.
BCHUSD is one of the weakest and looks like bears are still in control after recent three-wave corrective recovery in the 4-hour chart. We actually still see it in wave 4 correction of a bigger ending diagonal pattern that can retest the lows for the final wave 5 of (C) before we will see a bullish reversal.
In ending diagonals, final wave 5 should be completed by a three-wave a-b-c decline, so watch out for more weakness within wave "c" of 5 after recent wave "b" pullback.
Bitcoin Cash 4h Elliott Wave analysis
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Author
Gregor Horvat
Wavetraders
Experience Grega is based in Slovenia and has been in the Forex market since 2003.
