The rally that started in December 2019 breakout descending wedge, resistance level and can be seen as a five-wave impulse pattern.
Once a five-wave impulse is completed, a three-wave pullback follows according to Elliot Wave theory.
In BCHUSD's case, the decline from February high to current low can be seen as a simple a-b-c zigzag/flag pattern. Wave c of the zigzag equals a, and the correction retraced 50-61.8% of the advance while retesting a broken S/R level that lined up with moving averages.
If this count is correct + other technical confluence, the price has the potential to move higher in wave (ii).
Target above February high is plausible, given that wave (iii) usually move 1.618x wave (i).
What's your thought on Bitcoin Cash?
Once a five-wave impulse is completed, a three-wave pullback follows according to Elliot Wave theory.
In BCHUSD's case, the decline from February high to current low can be seen as a simple a-b-c zigzag/flag pattern. Wave c of the zigzag equals a, and the correction retraced 50-61.8% of the advance while retesting a broken S/R level that lined up with moving averages.
If this count is correct + other technical confluence, the price has the potential to move higher in wave (ii).
Target above February high is plausible, given that wave (iii) usually move 1.618x wave (i).
What's your thought on Bitcoin Cash?