Here is a look at today's price action for Bitcoin Cash
. Sorry for the busy chart; a bit of detail is needed to give clarity to what is happening. BCH gave up almost all of yesterday's gains but still looks bullish
. The shakeout didn't break the lower support line of the triangle; however it is now trading below the 55 EMA
. The correction appears to be ending (don't hold me to it, corrections can take on many forms!), if so wave 3 impulse should begin at any time. As usual the 1.618 Fib level (taken from the end of waves 1 and 2) is the target for this cycle, shown in the chart. Happy trading!