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Bitcoin Cash Can Bounce From Lower Supports - Elliott Wave analysis


May 18 2020
Hello traders,

Crtyptocurrenices have turned nicely higher in the last two months and some of them even in five waves. At the same time, we also noticed that crpytocurrenices bounced with the stockmarket which is important as general view, "if fear is involved or no". It looks like fear is gone now, if we consider how high stocks bounced, so cryptocurrency traders also feel more confident now and probably expecting more upside.

Well, some coins bounced in five waves from March lows, and bitcoin cash is one of them. We know that five wave structure represents the trend, so this bullish trend is expected to continue, but after corrective set-back is finished. Nice support zone comes in at 200, followed by 160/180 zone. Invalidation level is at March low.

BCHUSD, daily

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