Elliott wave Analysis: Triangle on BCHUSD Points Higher

Gregor Horvat Wavetraders

Hello traders,

Bitcoin Cash is one of the strongest cryptocurrencies. We have seen a huge extension towards 350 area for wave "iii", where price slowed down in wave (iv) correction which more and more looks like a bullish triangle pattern. So, once a triangle in wave "iv" fully unfolds, that is when we may see a continuation higher for wave "v" towards 400 area or higher. That said, as long as price is trading above 170 invalidation level, we will remain bullish.

BCHUSD 4h

A Triangle is a common 5-wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. A Triangle is either contracting or expanding depending on whether the channel lines are converging or expanding. Triangles are overlapping five wave affairs that subdivide 3-3-3-3-3.
Triangles can occur in wave 4, wave B, wave X position or in some very rare cases also in wave Y of a combination.

Example of an EW triangle:

Author

Gregor Horvat

Wavetraders

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

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