Whenever you have sideways price action, that pretty much sets a precedent and creates belts of possible support or resistance for the future. Measuring BCH's initial rally and throwing a on it, just like any market, gives you an idea of where the best possible buy zone can be; usually between the 786-883, sometimes even lower if dries up and true fear sets in. Notice how this area aligns perfectly with a past consolidation zone, this situation is very key, especially if you can spot it in other markets. BCH has had amazing and momentum and insane buy support from day 1, once again signs that something is to come in the future. Notice how we had a nice break of the downtrend as well as two confirmation tests that it is now support and likely to carry on. Price found stability in the prior and it was a matter of time before a breakout; all the signs were there.
Once entered the market in the consolidation zone, that was the clear signal. As the price broke out and began to get expansive, notice how it met key resistance at two prior breakout zones that became resistance later on in the retrace, as shown in the red horizontal lines; those were your two best take profit targets. The price fell short on the second one, however this is why you need to curb your greed in these markets, especially as Bitcoin still has the spotlight on it.
In the short term, a third wave is very possible to manifest, especially if Bitcoin does retrace a bit here as expected. Considering the in BCH, many coins are changing hands and it is likely it will want to hold its USD value, especially with the uncertainty and upcoming BTC fork. BCH is a better version of Bitcoin , nobody can argue that, unless they had their personal intentions in mind as many miners do. A possible idea that can play out is a fake out with a quick correction after Wave 5 and then we continue on to new ATH . The 1d stochrsi is likely to reset which can in this wave 4 that is manifesting however the 3d has room to grow which is a sign that we may finish with a strong wave 5. A lot of this would be reliant on what Bitcoin decides to do and how this fork is handled. Ideally if you are not in the trade, I would be looking to rebuy as close to the as possible in anticipation for wave 5. This incoming is not a joke. Ill be updating the idea in the comments as we progress.