Bitcoin Cash could be in final stages of a correction

Gregor Horvat Wavetraders

Bitcoin Cash with ticker BCH/USD has completed five waves up from the 2023 lows that can be wave I, suggesting that more gains could follow, but after a projected ABC correction in wave II on a daily chart that can be coming to an end, as subwave (C) can be nearing interesting channel support line and equal wavelength of waves A=C that come at 270 – 220 support zone.

BCH/USD daily chart

Bitcoin Cash (BCH) is a decentralized cryptocurrency that was created in 2017 through a fork from Bitcoin (BTC) due to disagreements over the protocol’s future. The goal was to make a cryptocurrency better suited for everyday payments, unlike Bitcoin, which has high fees. Bitcoin Cash has a larger block size of 32MB (as of 2023) compared to Bitcoin’s 1MB, allowing it to scale for global payments.

BCH/USD daily chart

Basic ABC decline shows that Bitcoin Cash can be finishing a correction, while it's approaching the support area by Elliott wave theory.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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