Bitcoin Cash BCH January 12 Consolidation then Future Explosion - Longer Term Target - $4,365 to $5,495
BCH rips through consolidation phase and the 2-3ks in fashion, taken a fraction of a time BTC took during this market phase.
Good morning everyone.
We've had a great year with BCH and especially predicting it, with my target of hitting $2,800 and then correcting to $850. Where we hit $2,799 and $851 respectively.
There are many ways to chart BCH with Elliot wave.. One way is this and gives a healthy retracement above 0.618 retracement.
A second way to chart it would be this way, where wave 5 is still in place to take occur. I'm aware that wave 4 territory overlaps by wave 1's by only a wick, which is an acceptable guideline on a daily chart in my practice.
Regardless of the case, we sit in a consolidation pattern with signs of bullish divergence waiting to occur. As for targets, these are for long term targets. once we've official began a impulse motive wave up. Therefore don't be mistakened for a corrective waves.
Now we currently sit in a solidation pattern that's itching for a breaking to targets averaging between a combination of 1.618 fib extension of wave 1 and of wave 3's 0.786.
Always be cautious, take high probability trades, plan entries and exits, stick to high reward low risk R:R setups. Good luck traders
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Please always remember we trade using probability and not all trades are winners. We manage our risk with stop losses and try to win over time. Those that don't understand this, and expect only to having winning trades, will always lose money over time.
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