SUMMARY
I'm not a believer that Bitcoin Cash (BCH) will replace Bitcoin....in fact, no coin comes even close to the Network Effect of Bitcoin (BTC)! However, I owned Bitcoin from an average price of $382; when I had laddered my ladder during the early Fall while others became frustrated at the incremental declines during those days. Laddering works! The below chart shows a crisp abc correction and given that wave C has five subwaves, it's likely that the correction could be complete. Is there a scenario for the correction to continue sideways? Yes; but if price makes a full impulse wave upwards; the trend reversal signal would be very clear.
The Inverted, Bullish Head & Shoulders pattern is quite compelling and uncanny. No, it's not yet complete nor confirmed; however, it jives quite well with the initial impulse waves. IF the Right Shoulder (RS) completes, then price will have to breach the Neck Line (blue). By way of measuring minimum run, BCH has potential to tage the $2,941 level and exceed it.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It shoud not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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