Bitcoin Cash Consolidation: New Low or Structural Wave 5?

We have an interesting situation developing in the BCHUSD chart :)
I will be updating this thread as we go, but for now, please have a look at the data. Which way do you think it will go (please include WHY)?

코멘트:

액티브 트레이드

코멘트:

We are below all the key fibo levels bar one formed by the rally from $300. I can envision a breakout to the downside around $396 if you want to short with momentum.

코멘트:

We are at the $396 that i've been talking about. We should see a nice selloff if we breach this area.

코멘트:

Sub-key fibo level is broken!

코멘트:

Uptrend line ahead along with the end of the potential long box at $358. After that I would watch $327, $300, and $277. Look for strong bullish divergence on the 1HR.

거래청산: 타겟 닿음:

Hit trailing stop at $359 this morning :)

코멘트:

In the future:

코멘트:

Keeps retesting long box support/resistance at $359

코멘트:

Keep in mind we are at the wave 1 support level:

코멘트:

Oh and doesn't this pattern look familiar?

액티브 트레이드

코멘트:

Trading below a structural wave 1 support is very bearish. This likely means there will not be a structural wave 5. Are we in a decline?

Yeah, so fibo support evaporated and so, too, did the price...these kind of wicks can indicate that price wants to go in that direction. The 0.11 fibo turned into resistance so...

코멘트:

Trading range at $301 beached! Wahooooooo. Min TP ahead.

거래청산: 타겟 닿음

코멘트:

Almost reached MIn TP yesterday, trailing stop triggered at $301 tho.
Next potential trade:

Notice bullish RSI herel:

코멘트:

A potential long trade... lots of resistance tho!

코멘트:

We fell out of the long box, so I'm thinking short again.

코멘트:

What a tight range we have here, eh? I'm watching this very carefully for an upward break. Don't rush if it snaps one way or the other as you will have opportunities to get on board.

코멘트:

MAN still stuck here...Too much long box resistance and trading range support. Eventually one side will get exhausted... Also, see that wick dip? That's why you don't want to jump the gun here.

코멘트:

코멘트:

We are at the downtrend line, a decision has to be made?

코멘트:

Hmmmm... A long is still countercyclical here (I've added another downtrend line). This could simply be a rally to the fibo resistance. I am not convinced this is structural change yet... Here's the game plan.