From single-day 50% surge to 4-month long, 375% rally, Elliott wave analysis has kept subscribers one step ahead of this sleeping crypto giant
by Nico Isaac
Updated: May 06, 2021
This chart of Bitcoin Cash shows why the hashtag #BCH went viral on May 5. That day, the crypto soared 50% to above the $1450 level for the first time in 3 years.
The Twittersphere was abuzz with bullish Bcash tweets, including:
- “#BCH sleeping giant 🚀🚀🚀🚀🚀🚀🚀”
- “$10k #BCH sooner than you think”
- “#BCH on 🔥”
- “Now #BCH is rocketing upward… over $1000!”
These 140-character or less tweets are great for reporting real-time price moves. But for traders, the priority is to see those moves coming — before they become breaking news. In other words, before the Bcash sleeping giant awoke.
For that we leave the emoji-stacked world of social media, and turn to the Elliott wave analysis in our May 4 Crypto Pro Service. There, our analysts identified a complete, second wave decline on the BCH price chart below, and called for “aggressive, impulsive price action over the coming days [to] put the bullish outlook on a more firm footing.”
On May 5, the 50%, 7 rocket-ship emoji surge followed on cue!
But what if we stepped back to get an even broader view of BCH’s performance — not just the past two days, but the past few months? That would take us to the end of 2020, when BCH was still mired in a 3-year long sideways trend following the widespread crypto “bloodbath” and 2018 “death spiral” into record low territory. Such was the bearish tone of this December 1, 2020 Seeking Alpha:
Again, our analysis wasn’t focused on crypto “news.” It was locked onto the long-term Elliott wave pattern unfolding in BCH. Just as the end of a smaller second wave signaled the start of a powerful, near-term third wave surge on May 5 — here, our December 22, 2020 Crypto Pro Service showed this huge up arrow toward the $1500 area and said:
“The early stages of a third wave advance should be underway against 255.42. BCH may have ended its second wave correction… Breaking solidly above the 329 level would be a preliminary sign.”
The next chart captures the bullish about face in BCH that followed; in it, prices soared 375% to three-year highs on May 5.
In the end, the choice is yours: You can wait to see whether the hashtag #BCH is followed by more rocket-ship emojis in the coming days and weeks. Or, you can know right now what the highest confident trade set-up is for Bitcoin cash and its leading crypto peers — with our premier Crypto Pro Service.
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