In the last chart, we saw that BCH was comfortably in the channel after a nice bounce from the lower support. Now we have a nice spike today and appear to be heading to the upper end of the channel. We have a long way to go before we reach the end of the road and take some profits.
From Elliot waves, we appear to be in the 3rd wave which is usually the strongest, this make sense of the sudden spike after the consolidation in the last day or two. To be conservative, I'm expecting that 3rd wave will not reach the upper channel and before that we will have corrective 4th wave and then the final run to smash through the channel upper level.
The good thing is that I checked the waves in Daily, 4H,1H etc views and they align very well.
Bitstamp opening trading for BCH is also very positive leading up to that date (although there could be initial dip then). The other fundamentals still hold strong
3rd in Market Cap
2nd most expensive coin
carries the brand value
Much lower price entry compared to BTC
So hold on to your coins for dear life while you ride this coaster, you can take some profits on the way up if you want. All the best!
Disclaimer: I'm NOT an expert and these are just my views. Please invest after you research throughly
Komen
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As I said, 4H chart also aligns with the waves
Komen
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WE had a dip due to BTC correcting. This was one of the scenarios that we predicted yesterday, an extended ABCDE correction after which we are back on track.
Note that we are still in the channel
Komen
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Looking at the daily chart, we are still in the channel
Komen
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We go closer to see that D larger wave has the 5 elliot waves and now the E wave starts with ABC correction. I think we are already in sub wave B of major wave E
Komen
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We are still well within the channel and it looks good for now.
Lets look at the big picture. This is the daily chart, don't you think last night's dip was not really a big deal
Now the 4H chart looks similar as well
Now there could be some correction as well if we are in the sub-B wave. But thats ok
We have lower channel support at 1400 in case there is big dip. Now BTC can act as a temporary spoilsport if it undergoes major correction. So keep an eye on BTC
All the best!
Komen
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I also did a quick chart of BCHBTC pair and it looks like a nice wedge formation and it can go up or down as well
Komen
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As I said earlier, we are likely correcting as part of a sub-C wave. After that, if (likely) we are still in the channel, then we go up!
So after the major ABC correction, we had quick 1-5 impulse wave and are correcting now in a mini ABC correction
Komen
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Hope this chart is displayed
Komen
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From a larger perspective, we do appear to be in a major 1-5 Elliot wave and the above 1-5 waves align into the major wave 1 and now the sub ABC is under the major wave 2 in this chart
Komen
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We are still going down on wave 2 as expected, can't wait for wave 3 if things go as per our plan
Nice charting man. R&M is proud I am sure. Gonna take a little while I think. Enjoy your learning. Don't forget about btg. USUAL DISCLAIMER DO YOUR OWN DUE DILIGENCE GUYS!!!
imkeshav
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@qdoc, Thanks a lot buddy coming from you. I ask his opinion whenever I do a chart..but there is still a looong way.
Doc-al-Citadel
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@imkeshav, Sure man. When I said a little while I meant for bch to reach it's potential. Your charting is already very impressive. Yes I could see he'd been guiding u. Take care bro. #goldencashening
Doc-al-Citadel
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@qdoc, @imkeshav, Sure man. When I said a little while I meant for bch to reach its potential. Your charting is already very impressive. Yes I could see he'd been guiding u. Take care bro. #goldencashening