$BCH - C'mon move PLZ!

2 gen 2019

The correction appears to be over at $140 and also because the recent move kept the price above that level. So I'm marking that as end of Wave 2 (orange). This puts us at the beginning of Wave 3. The target is between 200-210, considering that 50 Day EMA is at $212 offering lot of resistance.

Also note the Bull flag that formed with its target at "C" i.e above $260 (5th wave). Also the BCHBTC ratio is bullish as well, check the linked post

The invalidation will be below $140, which means this was an incorrect wave count.

Another view where the correction is almost over with breakout range


Take Care.Stay Safe.

This forms the part of our original idea

3 gen 2019

Nota

Breakout and the resistance from 50 Day MA. I'm expecting that will be overcome

3 gen 2019

Nota

There was no 5 wave impulse, instead I could see only 3 sub-waves and B could not be crossed. So modified existing structure with E unchanged ($150+-)


Here is a more bearish structure which calls for 0.618 Fib ($133) or lower. But the C target (white) remains unchanged above $250. Of course, we turn bearish if price goes above $180

4 gen 2019

Nota

Touchdown, lets hope there is a bounce now

5 gen 2019

Nota

Good bounce at E. Need to cross $163 (50 Day MA) and stay above it to continue the move up

5 gen 2019

Nota

Nice, we crossed 50 Day MA ($163). I've taken a long at $155+ and now moved the SL@$160. If this is an 5 wave impulse than the price can't go below wave 2 bottom ($155)

5 gen 2019

Nota

I will add more if the price can stay above the 50 MA (1 or 2 Hourly candles)

6 gen 2019

Nota

The price never managed to stay above the 50 MA (now at $158.5) and dropped multiple times to SL zone ($155). Furthermore the waves now appear to be ABC which indicated further move downward

If we can't breach the 50 DMA in the next day or two or drop below 155-150, we go with our 2nd bearish chart above

6 gen 2019

Nota

And we broke above the 50 DMA. Taken a position, but still cautious. I'm still uncomfortable till we cross 170-180