$BCH - Can it push to $140

Assuming the recent hike is impulsive, we can assume 5 waves (white) and we appear to be done with the 4th wave considering that we got support at 0.618 Fib region of wave 3 (white) + 4Hour 50 EMA acted as support, and also wave 4 did not go below wave 1 top of the candle (wick overlap in EW is ok)

The final 5th wave can be broken down into 5 sub-waves again (yellow) and as per that we are in the sub-wave 2 (or done with it as 0.618 fib region of wave 1 is acting as support now). Target is around $139, which is 1.618 Fib extension of wave 3 (white) and also 50 Day EMA is here which will act as major resistance.

(BTW The final confirmation for this count is above $131)

This count will be invalid if price goes below yellow wave 1 start at $117, so that is your stop loss

This is a zoomed in view of the chart posted as an update in the below idea. Please click for some context

הערה:

This looks like a no-go. I closed my longs. I'm considering that ABC waves are done (blue) and we are in a 1-5 waves down, also the yesterday's bounce was till 0.618 Fib of yellow wave 1

Short Entry below 119-117 with stop loss@$126+

Another major reason I'm uncertain about longs is today's post on BTC

הערה:

Based on the discussion with @Boon2 on the above BTC thread, this can be considered as a long because BTC is painting a bull flag.

Our previous stop target was also not hit, so the downside at the current price if $121 is also limited

Additionally, we seem to be in an ABCDE consolidation triangle which just broke out, I also like that 4H 50 EMA is acting as support (orange). We have a tight stop loss and another one at 117 which invalidates this bullish count and consideres that we are still in correction

הערה:

Zoomed in another count

הערה:

Safer trade can also be to wait for a daily candle to breakout of this downward channel as recent attempts have failed. Note the 50 Day EMA (orange)

הערה:

Our first stop loss was hit at $119 and BTC looks weak (see my latest post). I closed my longs and plan to re-enter above $125

Take Care

הערה:

Nice. Our second stop loss did not get his, instead we broke out of the triangle and now facing resistance at 50 Day MA ($130), if we can stay above $124, next resistance would be the red box.

Here is the possible count. All the best

עסקה סגורה: היעד הושג:

Target Hit. Lets see where we go from here