Paltsmet
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BCHUSD - Crypto-cannibal holocaust

BITFINEX:BCHUSD   Bitcoin Cash / Dollar
After its explosive leg to $2800, BCH made an equaly explosive ABC correction to $865 (.236). From that low a new wave cycle started, which is now in Wave ( iii             ).
This wave should complete at 2185 - 2.618 of (i), beginning (iv) with a target at 1800. (v) has a target between $3180 and $4000.

I have noticed a tendency for BCH to like 6.236 extensions, much like BTC             likes 4.236. This makes 3900-4000 a likely upper ceiling as the 6.236 of (i) is in that area, as well as 2.618 of ( iii             ).

More generally about Elliott Waves: the climb to 950 is not to be regarded as wave I, since the retrace from 2800 intruded into the range of wave I - something wave IVs do not do.
_____________________________________________________________________________________________________________________________
T1: 2185
T2: 3180
T3: 3900
SL: 1500


This is a personal idea and should be taken as such, it is not trading advice. If you would like to trade BCH, please do your due dilligence as it's one of the most volatile coins out there.
Happy trading!
Perdagangan aktif: Completing an Adam & Eve bottom at the moment, Stoch RSI showing pressure building.
what if this not new wave, what if this global correction and after 2k we see 600-1000
Balas
So you don't think BCH and BTC have an inverse relationship anymore?
Balas
Paltsmet Multibeast
@Multibeast, Dunno where you got that from. the way i see it, BTC is very overextended and will plummet at 10k. Even if it's not by much, itll be a strong enough catalyst for BCH to go off.
about the inv. correlation: it's not as precise anymore, BTC dipping is more of a catalyst than a dollar-for-dollar cannibalization.
Balas
@Paltsmet, Maybe LTC? All that dumping can't go into fiat, I think the ALTS will rise. Most of the analysis that I find says that the inverse is back and get ready for a bull run. I can see by looking at the charts between Nov 26 - 27 there was correlation but it seems to have inverted again in the last 12 hours. Thoughts? I don't know much about these things but I am trying to learn and understand.
Balas
btc drops hard everything drops with it... it was looking like the perfect hedge, however it seemed to good to be true
Balas
Paltsmet scottsim
@scottsim, Don't despair, gravity always asserts itself in the end. When the whales dump on the new money we'll see money flow into BCH and others (XMR maybe)
+1 Balas
I would say BCH is tied to and correlated to BTC now, unless there is a correction on BTC, TA might not be that useful, I did a TA on BCH too, seems good on long but it defies the TA because of BTC
Balas
Paltsmet FangqiChen
@FangqiChen, I agree fully. BCH seems to have found support at 1500, though. And BTC is, let's face it - long overdue a correction. Time will tell i guess :)
+1 Balas
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