Hello traders!<\/p>\n
Bitcoin Cash is looking bearish on the intra-day chart, where we see a completed Elliott wave leading diagonal in wave a, followed by a complex correction in b. We see a w-x-y move in b, with resistance at the 230\/236 region, where Fib. ratio of 50.0 and 61.8 can react as reversal zones. A firm drop below the 220.1 level would suggest a wave c of a higher degree wave (v) to be underway. Sub-wave c of (v) can target area at 200.0.<\/p>\n
Invalidation level is at 245.85.<\/p>\n
BCH\/USD, 1h<\/p>\n<\/p>\n
When diagonal triangles occur in the fifth or C wave position, they take the 3-3-3-3-3 shape that Elliott described. However, it has recently come to light that a variation on this pattern occasionally appears in the first wave position of impulses and in the A wave position of zigzags. The characteristic overlapping of waves one and four and the convergence of boundary lines into a wedge shape remain as in the ending diagonal triangle. However, the subdivisions are different, tracing out a 5-3-5-3-5 pattern.<\/p>\n
structure is 5-3-5-3-5<\/p>\n
a wedge shape within two converging lines<\/p>\n
wave 4 must trade into a territory of a wave 1<\/p>\n
appears in the wave one position in an impulse, in the A wave position of A-B-C<\/p>\n
Elliott wave leading diagonal:<\/p>\n<\/p>\n<\/p>\n
Interested in our services? Visit us at http:\/\/www.ew-forecast.comand<\/a> try our 7-day Trial service, and get actionable Elliott Wave charts today.<\/p>\n <\/p>\n Follow this link:<\/p>\n One more bearish leg to 200 on Bitcoin Cash - Elliott wave analysis - FXStreet<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Hello traders! Bitcoin Cash is looking bearish on the intra-day chart, where we see a completed Elliott wave leading diagonal in wave a, followed by a complex correction in b. We see a w-x-y move in b, with resistance at the 230\/236 region, where Fib. ratio of 50.0 and 61.8 can react as reversal zones Continue reading