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Bitcoin Cash bullish bias: 1 hour timeframe wave analysis
The 1 hour timeframe of Bitcoin Cash (BCHUSD) is labeled in this analysis with price swing from June 28, 2018 to July 18, 2018 identified as a regular flat (3 wave) Elliott wave structure. This is currently followed by further correction as labeled on the chart, which implies a higher price for Bitcoin Cash (BCHUSD).
Correction that originated from July 18, 2018 downwards is expected to find support within the region of the horizontal blue lines indicated on the chart (i.e. 749.30 and 700.0). These are the 100% and 138.2% retracement of wave a by wave c respectively.
The arrow indicated on the chart shows the trajectory for price if Bitcoin Cash finds support in the region mentioned above.
Target for the trade is placed between ~984.60 and 1009.70 at which point Bitcoin Cash is expected to encounter resistance.
Point of invalidation (POI) of this analysis is a price close below ~669.60 at which point the assumed wave c would have retraced 161.8% of wave a.
Correction that originated from July 18, 2018 downwards is expected to find support within the region of the horizontal blue lines indicated on the chart (i.e. 749.30 and 700.0). These are the 100% and 138.2% retracement of wave a by wave c respectively.
The arrow indicated on the chart shows the trajectory for price if Bitcoin Cash finds support in the region mentioned above.
Target for the trade is placed between ~984.60 and 1009.70 at which point Bitcoin Cash is expected to encounter resistance.
Point of invalidation (POI) of this analysis is a price close below ~669.60 at which point the assumed wave c would have retraced 161.8% of wave a.
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