SUMMARY
On Twitter, Youtube, Steemit....there's so much dislike and hate for Bitcoin Cash (BCH)! Trace Mayer gives all his reasons as to why BCH is worthless. As a Technical Analyst, I can't see too much of a difference between BCH and what the whole Cryptosphere is going through...a correction!
The below chart is basically saying an incremental lower low is likely....pretty much like the whole Cryptosphere. The WXYXZ has placed all waves excet the final Z. Given how extended wave 5 was during the prior impulse; the correction could potentially reach the prior wave 2 level!
However, for that to occur, the MACD should have alot more up/down room than is currently shown in the below chart. It's stuck between contracting pattern lines and so likely not able ot support a drop all the way to $315 where prior wave 2 level sits unless the MACD breaks down severely. The price is also very proximal to the apex. So, my primary count is for an incremental lower low to finish the final blue Z wave before a likely breakout. Now, even with a breakout, price can still put in a lower low and in fact be fully aware of such a scenario. For now, a breakout of a certain degree should come first.
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 should 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.
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