BCHBTC to New All Time Low. 90% drop short opportunity.
EW count says it all really. Target is 0.003232, or a 90% drop from here over the next few months.
First target will be the 0.026 region. Depending on the bounce there, we can decide if this 90% drop scenario will play out. Stop should be on that white line.
A closer look at the elliott wave count. Note that we broke the upwards sloping support and there is literally no support from here. (Note that waves 3 and 4 are speculative at this point as we don't have a definite price point to measure it from yet, but this would be based off of fib levels from wave one to wave 2. I expect the white line sloping down to act as pretty strong resistance, which can give us an idea of time frame for this trade. BCH could turn bullish again if it broke this line.
MACD looks like it just suicided off a cliff.
Meanwhile, here is the USD pairing. Clear huge bearish wedge forming. Although in my opinion this one seems less bearish, it STILL makes sense to short the BTC pairing, assuming that BTC continues its parabolic move up, because we would not expect BCH to move up more than BTC.
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However, if the daily closes like this, it's best to lower the stop loss.
That's all from me. Please be careful with your trades and good luck!
Please don't forget to leave a like!
First target will be the 0.026 region. Depending on the bounce there, we can decide if this 90% drop scenario will play out. Stop should be on that white line.
A closer look at the elliott wave count. Note that we broke the upwards sloping support and there is literally no support from here. (Note that waves 3 and 4 are speculative at this point as we don't have a definite price point to measure it from yet, but this would be based off of fib levels from wave one to wave 2. I expect the white line sloping down to act as pretty strong resistance, which can give us an idea of time frame for this trade. BCH could turn bullish again if it broke this line.
MACD looks like it just suicided off a cliff.
Meanwhile, here is the USD pairing. Clear huge bearish wedge forming. Although in my opinion this one seems less bearish, it STILL makes sense to short the BTC pairing, assuming that BTC continues its parabolic move up, because we would not expect BCH to move up more than BTC.
...
However, if the daily closes like this, it's best to lower the stop loss.
That's all from me. Please be careful with your trades and good luck!
Please don't forget to leave a like!
הערה
A bounce on this blue line is NOT what I wanted to see here. This could bring us back to test the top of the wedge, and if we get a close like this it would create a bullish hammer and I might just close this trade pre-emptively.
הערה
Can't post 12 hour chart because I have a free account, but I'll just say that if it's above 0.039 in 2.5 hours (12pm UTC) then I'll switch to long.הערה
Similar thing happening here as with chainlink. I imagine similar to a lot of alts right now. I have to check some of the big players like ETH and LTC now.
Link to LINK analysis:
הערה
Have not been monitoring this trade much, but target remains in play.הערה
down 65% so far
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