BCH - About to get bad. Min 20% drop

13 Eyl 2019

We have a large Head n Shoulders formed and the price is on the verge of breaking below the neckline. The volume also supports this possibility. In Elliott Wave, this is mapped with Wave3, Wave5, and WaveB as left shoulder, head and right shoulder respectively.

From wave count as well, we appear to be in the beginning of a C wave down to complete the overall correction from the top.

Price is below 200DMA ($308)
RSI failed to break above 50 despite multiple attempts (red arrows)

Confirmation is below $285

Targets - $230, $185

This supports our wedge breakdown chart posted 6 weeks back

24 Eyl 2019

Not

uh oh..price went below the neckline

24 Eyl 2019

Not

Target1 hit @$230 and we got a 30% drop overall. Notice the volume spike, the HnS playing out will cause more pain