Bitcoin Cash has five waves up from the lows, which in Elliott wave theory suggests a three-wave slow down.
Bitcoin Cash with ticker BCHUSD is on the rise in the 4-hour chart, trying to catch up other cryptocurrencies and we can clearly see a five-wave rally from the lows. Well, a five-wave cycle can belong either to a wave “c” of a bearish flat correction or even as part of a bullish reversal, especially if we see an extended 5th or 3rd wave. Wave 5 looks to be completed now, so be aware of an A-B-C corrective slow down back to 120-115 area, which will be key support for bulls and bears.
We talked about cryptocurrencies in our WEBINAR this Monday. You can watch the recording below:
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SP500- Key support is at 3800. Check our chart HERE