Bitcoin Cash BCH January 12 Consolidation then Future Explosion - Longer Term Target - $4,365 to $5,495

in #bitcoin3 years ago (edited)

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.

BCH - November 11 - $2800 Prediction.PNG

BCH - November 12 - $850 Prediction.PNG

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.

T1 4365
T2 4896
T3 5495

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

Really appreciate the upvote and support on steemit. Please see a small written blog version there:

Twitter - https://twitter.com/PhilakoneCrypto
https://www.youtube.com/user/philakone1

If you enjoyed this video, please like, subscribe, follow, share, upvote, on YouTube, Twitter, Steemit. If you specially liked it, please donate Tequila to Luna's cryptocurrency/vodka/tequila fund.

Luna's personal bitfinex account:

BTC address: 1PruhmsYXU2gPkNw574xZSMyBG4YW5Wnq9
Ethereum: 0x2538b728f9682fc1dc2e7db8129730f661753850
LTC: LPeaZpGiF3XdCw5XPN7LXztDagTEZAMgYd
Bitcoin Cash: 1AY2FPANCe5URB71Nvy6tkCgoTS8iHgmZD

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.

The ultimate goal is to help the crypto community because I think there's a lack of these type of videos. I want to share everything I've learned because knowledge is only power if passed on. These are educational videos intended to teach how to think through thought-out rationalization.

DISCLAIMER:

I'm not a financial adviser, nor am I giving you any tips on when to buy, sell, etc. I'm simply stating my opinions and what I personally look for. Those that follow my trades blindly and don't understand risk management, will always lose over time. I manage risk differently. Not all trades are winners. We manage our risk with stop losses and win over time. Even if we've entered at a similar price, I can micro manage my risk, by shedding, adding, reducing, etc, but those calls aren't made. Therefore despite entering near the same price, I may come out well ahead while you may take a loss, even if we exit at the same price when the market goes against my call. Remember, I always profit OVER TIME, and am not focused on winning every single trade. As long as we win more than we lose over time. I want to be very clear so you understand the outcomes will always be different even if we take the same trade. I MANAGE RISK and see this game as a probability. Therefore, be forewarned.

Sort:  

https://twitter.com/GDAX/status/951863685533741057

GDAX will open the BCH-BTC Order Book on Wednesday January 17 at 9:00 am PST

Might be a time to look out for