The last winter lasted for 4 weeks and it was really tiring. We started second week of consolidation now. Are we done? Is the worst part over?
We touched the upper end@$2700+ of the wedge yesterday after a strong green candle and the resistance was too strong, also that happened to be the upper channel of the RSI (Blue channel). So double punch to the face and BCH was knocked out.
However, we got up now after touching the lower channel of RSI - Perfect!
We may continue to consolidate within this RSI channel, but the green wedge looks to be ending with an opportunity to break out (blue zigzag arrow). Resistance at $2700, $3000
But an end of a correction is always difficult to predict, so need to keep an eye and hold on to cash. BTW for long term, this is a good entry point but be patient and don't panic sell.
BCHBTC is holding very well through all these ups and downs at 0.16 level. If this is indeed the end of 4th wave correction, we are in for a treat! However, BTC appears to be in a bad shape now and can go to $10000 or below, bringing down BCH with it
Most of my recent updates are available in the previous charts and twitter. I find twitter to be a quicker medium, so do check that out.
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RSI bounce was very weak, if we go below the channel, then we break through the support and then 1600/1700 area for support
here is an example of a strong RSI bounce within its channel for Ripple
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It's creeping more. I wanted to see more energy
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We are going sideways and the RSI channel is holding, although it doesn't appear to be bullish at all.
Here is another view, $2200 support should hold
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As we said before, watchout for RSI breaking the channel. Resistances at 2500, 2700, 3000. Last correction lasted 4 weeks, this time its less than 2 weeks. So keep an eye.
I took a small position at $2300
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Here is a correction scenario as well. Remember, the correction was 4 weeks last time. Anything is possible with BCH. Believe in it for long-term
Also BCHBTC chart has been great since almost 2 weeks
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2700..woohoo our first target told on Dec31st. But it ain't over yet
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We are going for the bearish scenario as mentioned yesterday
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We are getting back to our original idea as the pennat is forming very well. This should breakout soon IMO
@imkeshav I'm not that familiar with the wave rules. Can E go below A down to the $1700 support and still be within the pattern?
Also any comments on the BTC/BCH chart? Thanks for sharing your knowledge!
imkeshav
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@KingMR, ACE can either be ascending or descending IMO . BCHBTC is still holding its ground
Inspirar
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I hear you on the creeping needing more energy. It probably won't be until the new year before it really picks up. Happy New Year!
nuke23
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Thank you man.do u think we can see in 2018 the 5000$?
imkeshav
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@nuke23, We may see 10k. I'm holding on to my core position. Will sell some at 5k and NEVER sell 100% of my BCH
nuke23
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@imkeshav, % of selling @ 5k?i would like to HODL 100% until the end of 2018, i’m quite all in in BCH and i love the project.
Thanks for the chart again, and thanks a lot for the answer
imkeshav
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@nuke23, I haven't decided on %. HODL is entirely up to the individual. All the Best!