ABCD pattern?
Hey guys I've seen Elliott Waves & ABCD patterns a lot in the crypto market lately.
For an ABCD pattern to be confirmed the distance betwen B & C needs to be 61.8% of the distance between A & B.
To verify this we use the fibonacci retracement tool from point A to point B as you can see in red lines in the image below. And indeed the the fibonacci line we get at point C is very close to 61.8%.
If this turns out to be an ABCD pattern this means that the distance from C to D will be equal to the distance between A to B.
In other words, we can expect Bitcoin Cash price to go up to the previous ATH at around $1200 before seeing a major correction
Thoughts?
BCH, the gift that keeps on giving ;)
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I'm lovin it :)
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Thanks much. Whats a good entry price? 650?
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Hi dobe, thanks for the analysis. Here's my 2-cents (:
I'm thinking we are going to see an Elliot Wave Correction (ABC). We just did A and B, so the next leg down is C.
I'm anticipating strong Support Levels around the 78.6% Fib level on your chart.
Some interesting info on Bitcoin Cash:
Bitcoin Cash gets its next difficulty adjustment soon, because blocks have been mined insanely fast the difficulty adjustment is going to be something like 4x. When this happens the profitability for BTC will be greater than BCC, so some miners will switch back to BTC leaving the BCC chain with slower block times (in the short term).
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Price can come in place later and predicting or estimation just doesn't easily add up. I suppose everyone is in for the long run. Now it is erratic due to miners making best decisions, testing, and reconfiguring.
For example - f2pool moved a great amount into Bash.
https://steemit.com/f2pool/@tuventure/f2pool-moved-350-ph-s-to-bitcoin-cash-bitcoin-eclipse
This is the real Bitcoin eclipse in terms of hashrate. The hashrate will find an equilibrium point.
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