BCH Updated idea

Hello Traders,

Updating my last chart with overnight price action - we have hit $1200 and there was no real bounce, the battle ensues between bull and bear and at this point I think we are waving the red bear flag, at least until we test next support.

I keep reading on twitter / reddit people are calling for BTC to test $6000 again.... my only concern with that is that BCH will test somewhere in the $700s therefore this wave impulse will be considered a failure and a longer term bear market could be in play.

But don't panic yet, we have a little way to go before that is to be even considered - if there is a decisive break below $950 (as on chart) We will need to re-assess where we are going, at this point it is looking like a very healthy correction for BCH to be able to reach new highs - think of BCH as a rubber ball bouncing, the harder you throw it to the ground, the higher it can bounce! (Without breaking key points ($950) that is)

Hoping this has helped...

Happy Trading.
LNE

DISCLAIMER:

The Legal stuff - I'm not financial adviser. Just a few quick thoughts - remember you sit at your computer, you push the buttons...

Commento:

Quick correction below $1025 is where we will see a wave failure and longer correction

Commento:

Reassessed wave failure at 935ish