BITCOIN CASH (BCH) Price Pathway Discovery: Caution is Needed
SUMMARY
Bitcoin Cash (BCH) made a lower low. This now changes the pattern a bit as well as the Elliott Wave count. The expected explosion is still primary count for now...but with caution. I explain the reasons and take you through details of how and why cuation is to be exercised. The new lower low has completed a descending right triangle pattern and should it line up with Bitcoin's (BTC) change in trend from up to down, very different prices from current levels could be seen...that being lower. Please consider viewing the video in its entirety. NO, I'm not being Gloom and Doom...only a Technical Analyst counting the Waves and seeing the Chart Patterns as they develop, morph and change.
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Legal Mumbo Jumbo: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.**
What do u mean that the expected explosion is primary count?
I had expected the fractal to work out...still not invalidated.
Good evening...does your crystal ball see whether XRP will reach your target of .50 before or after the bitcoin fork. Has the target changed. BIG BIG XRP CONFERENCE called SWELL on the 16th. I know, I know...events dah dah (I forgot the wording)
LOL, I don't have a crystal ball.
My recent updates indicated some concern that if Bitcoin changes trend from up to DOWN fast, this coudl impact all Alts from printing more green prices.
So, let's see what Bitcoin does in the short term.
Thanks...you do have a crystal ball it is called ELLIOT WAVE. LOL😘
Civic looking good, undervalued, and done with its correction. Based off your last TA looks like C finished
I can see BCH making a bit of a come back if there are any issues with the two upcoming forks. If they go well, I expect it to drop to nothing.
At this point BCH is a trade , on dead cat bounce ,
Majority of exchanges pair alts with BTC
Everyone I know who own BTC doesn’t use it for anything , they hold it .
So if they are any issues with the fork , bch won’t solve anything .
More forks =LESS value for each ...bch debate of it beeing the real btc is done ...
The symbol btc is the real bit coin
I agree with most of what you said, however perception is still that bch is a version of btc, sonif the forks go badly, funds could flow out of btc into bch! Only time will tell.
BCH is not a coin for the faint of heart! What a rollercoaster.
Regardless of which way the triangle breaks (odds are it breaks down unfortunately, but we'll see) this will probably be the last time I trade this coin for a long time, if not ever. :)
I really appreciated your comments about making excuses to keep a pattern or trend valid btw. We should always try and keep both potential outcomes (breakout vs breakdown) in mind and have a plan!
Should BCH break down, I'll have lost a bit of money, but come out ok since I adhere to the rule of NEVER going all in, in a single trade. You can't win them all, right?
One major positive surrounding this coin though. The volume on the Korean exchanges has been through the roof. The last time I saw this kind of volume increase on the Korean exchanges was during some major pumps in August. Basically, all the coins on Bithumb got pumped up significantly. XRP, LTC, XMR, BCH, etc. I don't know if it'll happen again, but right now what I'm seeing is BCH hit the floor, bounced up and did a small impulse wave up, and is currently in a minor wave 2 correction. Which means wave 3 should (hopefully) breach that resistance line keeping us down. Fingers crossed, and thanks for another great post!
I see you had a loss on BCH. I"m still in it and have few more lower rungs. I shared the details of my ladder with Cryptopassion. BCH is at 88.6% retracement, this is the next fibo point after 78.6%.
I could be stopped out. I have less than 3% to this trade. And yes, I do have losing trades at times. My earlier Bitcoin was 10% of portfolio value trade. It has turned a very good profit. My trade on eBTC was 37% in less than two days. I also have a larger number of winning trades.
I always try to see if I fall in the myopia trap. It's hard to tell at times. This type of drawn out ladder rungs can test anyone's patience. It can be mortifying for some.
Though, once Bitcoin turns trend from up to DOWN, I will consider selling almost all my positions. This is because sitting through a wave C down to almost $2,000 is unnecessary.
Let's see what happens.
Also, for the record, I actually entered my position into BCH before I saw your blog posts on it.
You have a crazy good win/loss ratio and in my original comment, I was not trying to imply any blame or anger, I apologize if I came across that way. I've learned a lot from following your work and greatly appreciate it.
I appreciate all feedback!
I wish you MASSIVE profits!
Kind Regards
It's still an unrealized loss at this point, I'm willing to ride this out a bit longer since I feel like I have nothing to lose now. This feels eerily familiar to August before the insane breakout BCH had.
I'm also going to be keeping a close eye on BTC, if the wave C down does start to occur I might have to just eat my losses on my other trades and wait out the storm.
Are you in BCH? It's doing the rise, finally.
Haejin at one moment yeah you will have a little up but did you realize that you are talking to us about that Up explosion since we are around 450$? We are at 315$ now...
Look your post : BCH
So yeah, even you are suggesting buy laddering, people who did it have a big lost now. I know it because I started buy laddering when you said it and yeah I lost some money but hopefully I took my lost and left this position.
Please don't take this comment negatively but sometimes it is good to have a look from a different view. Yes BCH will do a up at one moment but is it a coin that we have the most propability to have a up now? I'm not so sure.
Take care
BCH is finally doing it's rise! Decisive breakout above the upper resistance line of triangle. My lower rungs are currently profitable. If $481 hits as I project for short term target, my ladder rungs would have MASSIVE profits! I remained true to my analysis: five waves means a,b,c correction and that c wave will complete, thought it took alot. Adherence to analysis means impatience has no function.
Thanks for your comment. I'm sorry for your losses. Yes, I am not 100% correct.
My call on BCH has not yet shown profit. I am still in BCH and have a few more rungs below. I have my Stops set. Rungs began at $446, $410, $389, $381, $349, $316; added $278, $266 and $213. I used local support/resistance levels to cast these buy rungs.
The top rungs are at a loss and I could be stopped out of this position, that's clearly possible. I have less than 3% of portfolio to this trade.
However, I've often taken these types of trades and still come out profitable because with a price turn, the lower rungs zip up to profitability and would give me a wash or set me ahead. Often, with a 50% retrace of the start and finish of my rungs, I'm at wash, with 61.8% retrace, I'm overall profitable. These are the singles and doubles I hit. In my blogs, I've also demonstrated a good number of the kaboom home runs too.
You said you laddered, I'm curious what rung levels and how many were used? Would you consider sharing?
Sure it was 441, 418, 395, 350 and after that last one I decided to close my position and to take a short position instead which wiped most of my lost (the short position is closed now).
I'm agree that it could retrace a part of the drop but when all your rungs are in lost, it perhaps means also that you didn't buy at the good moment, too much early in that case because look all your rungs are in lost, even your last one at 316$.
I left that comment yesterday because yeah, sometimes I like that some other traders (who are my friends) tell me their opinion because if you focus too much on a trade, you can start to lost some objectivity. And when I saw in each of your videos that you were tracing the triangle with the bottom line always lower and lower and lower, expecting a up explosion, it is not a good sign tbh ;)
I really hope you will be able to take some profits and that BCH will make a big retrace Haejin.
Take care.
Understood, and thanks for your honesty. I will continue to do my utmost to help and do no harm.
Kind Regards,
Haejin
What's your EW on FLiK (FLIK)
Thank you!
Let's wait a week for more price data to capture......it's so new.
This post has received a 4.01 % upvote from @booster thanks to: @haejin.
I would be extremely cautious. This week I saw a flash crash of BCH on Bittrex to $45. Spooked me enough to never touch this coin. I also do not see where this coin has been adopted in the real world. As such, I believe it should have been released at $1, since it is presently useless in the real-world. But the market is driven by intent, Haejin, I really appreciate what you are doing. Thank you and keep up the great work.
seriously BCH dropped to $45 i missed that ?
Check out the BCH to BTC chart on Bitfinix - you'll see the candle drop - I also caught the drop on blockfolio and it had the daily low of $45- If you add BCH choosing Bitfinix, my guess is you should see it too.
I think i read somewhere it was caused to a sell-of to bitcoin. Price bch/bct dropped van 0.07 to 0.01. bch/usd off course followed.
Thanks for the cautionary comment.
It seems ZEC and BCH are in phase.
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STOP@haejin can i ask what interface do you use to find TA of altcoins against USD? I use bittrex and apart from a handful of alts everything else is traded to BTC
Bittrex or Bitfinex
Is it possible to trade XVG and STEEM against USD in bittrex?
USDT only
Can only get XVG/BTC not XVG/USDT on both bittrex and bitfinex - but I would like to see the Y axis in $ prices not satoshi.
The last wave 5 of VXG i had expected to create a new high - which it did on the XVG/USD(T) chart, but fell well short on the XVG/BTC.
I notice on your Y axis you have the amount in $ Value for your altcoins but there doesnt seem to be a way to select this on either bittrex or bitfinex. Can you confirm if there is a way to change this option, or if you use a different graphical interface for chart analysis, i would really be grateful Haejin!
I logged into Bittrex, sorry, it only has it /BTC price. Tradingview shows Bittrex on /$ price. Not sure why.
One can buy using BTC, monitor using $ price, sell profit per $ price but sell into BTC and convert that to USDT in Bittrex.
Tradingview, thats what i was looking for - thankyou so much!!