Bitcoin Cash (BCH) Update: Bearish for Intermediate Term; Downside Target $1,075 or lower
SUMMARY
Bitcoin Cash is going to do a deep retracement as had portended in earlier update. The below chart shows an a,b,c,d,e pattern but the e wave sits at the bottom of the triangle line. This is bearish and the line has already been breached.
Short Term correction target could be $1,075
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always a nice post haejin. you trade very similarly to me. see my steemit and youtube as well to share ideas!
if you always share my channel on youtube, i will share yours too? I have gained 2000 subscribers in 1 month doing EW analysis and it may benefit you too if we share youtube channels at the end of our video!
I though E on bottom on a symmetrical trianle pointed to a bullish outlook?
The E set it's position below the required price before the line broke down again...Bearish
I don't understand, can you elaborate a little bit please? It looks like the E was hit and then started going down. How can we determine if it would be bullish or bearish before E is placed?
The E was hit outside of the pattern for the ABCDE.....thus not completing the pattern required for a more bullish outlook. Determining the outlook before the E is placed is not the way you want to go about an ABCDE pattern....you want the pattern to complete in formation, then you might see a bullish wick down that then propels upward. In this situation the wick comes after the E which is set outside of the pattern. Had the E been set inside the bottom line, the wick down could actually be considered bullish. It would look more like this.....
Sorry for the quality of the image....but does that makes sense? And as you can see, the green line I drew doesn't follow the trend lines like the white ones on haejin's chart, so it would be incorrect to try and make the E fit into the pattern.
I see, so If it looked like this it would have been bullish?
I think I get it now, thanks!
MInus the anomaly dips shown yes it would likely be bullish, BUT your trend lines are not aligned to the touches....your bottom line should be raised on the right side to the C which would then again make the outcome bearish because that would put the E outside of the formation.
And remember that there are many many ways a pattern can play out, so don't make assumptions based on one experience. The ABCDE can look very different also....it may break slightly out of the formation, but there are other signs to look for to confirm your analysis.....take a look at the ETH post haejin just put up.....it edges out of the pattern, but you can see sooooo much action inside the pattern after that.....stay flexible in learning how different patterns can look.
thanx for let us know!!
Thanks now I can buy more! 😎
If you're holding at a loss, I'm expecting a short rise up to about 0.192 BTC in the next hour or 2 if that helps you regain some investment.....just FYI
It is just a fiasco dude
Hi All! So do not want to bitcoin Cash has continued its downward correction, grasping at every detail, here the indicator shows downward movement, Can still go up
Confessions of a Bitcoin Core Supporter, please read to get informed: https://www.reddit.com/r/CryptoCurrency/comments/7cyz5m/confessions_of_a_core_supporter/?st=ja0a5qxi&sh=a80d949e
This seems like spam, you may want to join the discussion instead.
Here is a post on Bitcoin Cash titled: Why Bitcoin Cash will become the dominant Bitcoin in the next month if you are interested..
https://steemit.com/cryptocurrency/@echung321/why-bitcoin-cash-will-become-the-dominant-bitcoin-in-the-next-month
He was calling 4500 just a few day ago and now projecting 300?! What happened to sentiment in just a short period of time. I cant think it was that extreme.