BITFINEX:BCHUSD is breaking triangle support line, which confirms our bearish view and seems like Bitcoin Cash may go beneath 1000 level in coming days/weeks. We can see a sharp decline on 20th December into wave (a) and then slow sideways move within triangle into wave (b), so wave (c) is on the move now and this is a three-wave decline that we expected. The question is how much it will drop, we see a support zone between 800 and 1000 levels.
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Bitcoin Cash just like Bitcoin falling sharply within five waves into wave (C). But five-wave cycle is not completed yet, we can see only three waves down, which means that BCHUSD could slow down here into correction of wave 4. We see really nice resistance around 1800-1850 levels and also 38,2% Fibonacci retracement, which is typical in EW theory for 4th waves. So, we would not be surprised, if we will see another decline from that resistance zone into 5th wave towards 1000 level or lower.
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Currently trading in resistance zone of wave 4, just like Bitcoin, so be aware of a new decline into wave 5 of (C)!
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If we expect more weakness on Bitcoin, then Bitcoin Cash may also see lower levels, especially because we see room towards 700-800 levels and as we know, BTC and BCH are in positive correlation. We remain bearish and we just want to show you clearer pattern and more likely count with ending diagonal into wave (C).
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Bitcoin Cash is still sideways, which means that it's forming a triangle continuation pattern! So, we remain bearish and still expect a drop below 1000 level, maybe even towards 600-800 levels, as long as it's trading below 2100 invalidation level.
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Bitcoin Cash dropped as expected, but as you can see, there's still room for lower levels, so be aware of another decline into 5th of 5th wave, where BCH may finally found bottom; be also aware of spikes and sharp reversals!!
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Bitcoin Cash hit our projected support zone and bounced, just keep in mind that Bulls will be confirmed only above 1320 level!
