BCHUSD Can See One More Leg Lower, Before A Recovery – Elliott wave
BITCOIN CASH is moving sideways since March-April, exactly after we noticed a five-wave rally into a wave A/1 from the lows. After every five waves, we expect to see a three-wave a-b-c pullback in wave B/2, which seems to be still in progress. We are currently tracking a big bearish triangle formation in wave »b« that can send the price into a deeper correction within wave »c« of B/2 before we may see a continuation higher for wave C/3. If from any reason BCHUSD jumps straight into new highs, then we are also observing a big bullish triangle into a higher degree wave B, but this would be a corrective movement from the lows, which means that BCHUSD would then face limited gains for wave C.
On the intra-day chart of BCHUSD we see price unfolding its five minor legs for a wave c of (e) of a bigger triangle in b. Resistance is at 245.0/255.0 zone.
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