Amidst recent market movements, Bitcoin Cash (BCH) experienced a notable resurgence throughout July, sparking discussions regarding its classification as either the inception of a bullish trend’s third wave or a sharp wave C within a counter-trend shift. Renowned crypto analyst Grega Horvat directs attention to the 4-hour timeframe, where a retreat from the $330 level showcases intriguing overlap, hinting at a potential ongoing correction.
A recent YouTube video by Grega Horvat’s Elliott Wave analysis shows that the scenario potentially signifies a wave IV pullback, promising an upward trend. The price has reclaimed the crucial 236 level, indicating the completion of a complex W-X-Y corrective descent from recent highs. Yet, a fresh intricate (W)-(X)-(Y) corrective rally implies BCH might meander laterally, confined within an A-B-C-D-E bullish triangle pattern as part of a broader wave 4.
According to the analyst, BCH would be in a deceleration phase, possibly preceding a new three-wave downturn within a higher degree wave C. This downturn could target the 200 – 180 support range, paving the way for an eventual stabilization.
Analyst Grega Horvat’s Elliott Wave analysis provides a nuanced perspective on BCH’s price action. While the exact trajectory remains uncertain, Horvat’s insights shed light on the potential formation of a bullish triangle pattern, suggesting a period of consolidation before any decisive movement.
In Horvat’s foresight, market participants are urged to exercise prudence and closely monitor BCH’s actions in proximity to pivotal support and resistance levels. This vigilant approach is in harmony with the nuanced dynamics of corrective patterns, demanding keen observation for precise comprehension.
Bitcoin Cash (BCH) is trading at $231.12, with a trading volume of $207,778,328 over the last 24 hours. This reflects a 3.54% decline in price within the past day and a 0.56% decline over the past week.
Traders and investors in the Bitcoin Cash market would closely monitor these developments, as they could significantly impact trading strategies and market sentiment. As BCH navigates this critical juncture, all eyes will be on the 200 – 180 support zone, as it stands as a crucial barometer of the coin’s resilience and potential for future growth.
