Related Topics
Currencies
     

Bitcoin Cash πŸ”₯πŸ”₯πŸ”₯ This Blaze Has Been Burning for Some Time

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.

Bitcoin Cash USD 1 hour

The Twittersphere was abuzz with bullish Bcash tweets, including:

  • "#BCH sleeping giant πŸš€πŸš€πŸš€πŸš€πŸš€πŸš€πŸš€"
  • "$10k #BCH sooner than you think"
  • "#BCH on πŸ”₯"
  • "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."

Bitcoin Cash USD 6 hour

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:

Seeking Alpha Headline

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."

Bitcoin Cash USD 2 day Dec 2020

The next chart captures the bullish about face in BCH that followed; in it, prices soared 375% to three-year highs on May 5.

Bitcoin Cash USD 2 day May 2021

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.

Stay in the Crypto Know with One Kind of Forecasting Model

"Too volatile," "dangerously unregulated," "the wild west of financial markets."

Cryptocurrencies have a well-earned reputation for being wildly unpredictable. But, as you just saw, there is a way to stay in front of both the near and long-term trend changes in these markets.

Crypto Pro Service scours the digital currency landscape and identifies high-confident trade setups on the charts of Bitcoin, Ethereum, Cardano, and other alt coin markets as action-ready opportunities arise.

See below to flip the script on your trading track record today!

Coffee Soars to 7-Year High: All Frost Talk and No Game!

In the past week coffee saw its fastest surge since 2014. As for "why," commentary world-wide pointed to a freak frost in the heart of Brazil's coffee belt. Now see the chart and forecast that was way ahead of the trend.

EXCLUSIVE

Why Crude Oil's Recent Drop Is Likely Just the Beginning

Oil prices took a deep dive into the mid-$65 range this week. See why, from the Elliott wave perspective, the sell-off made complete sense -- plus, get a good idea as to what's next, courtesy of our Energy Pro Service analyst.

Global Investing: Here’s the Message of Consumer β€œOverconfidence”

Many investors believe that global stock markets will benefit from the current economic "boom." That seems to make sense -- however, you may want to review what financial history shows.