BCH is currently in a small triangle pattern and could look to break south for a slightly deeper correction to 680-690. RSI confirms triangle pattern with more pressure from the top. The bounce could see BCH to 860-880. Keep eyes on the indicators to confirm trend lines.
I see BCH looking to bounce from a deep retrace, to continue the current wave cycle. BCH just turned upwards on a reversal falling wedge pattern. Class A bearish divergence looks to give this Wave 3 a large push towards 1450ish.
FIB / EW / Pattern analysis.
I'm finding EW lines to be very difficult to apply because of the different conditions. I have been applying basic understanding of impulse waves and retracements with the use of FIB lines. I hope to continue to dig deeper into this more and more.
TA
On 2HR BCH looks to finish 3rd Wave strong, if it breaks up on forming...
First attempt at utilizing EW to project trend length and duration. Using FIB of previous Wave 1 & 2, I came up with a target for 1st subwave of Wave 3.
