Dash and Bitcoin Cash Elliott Wave Cycles Point More Downside

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Published: Dec 10, 2021, 14:00 GMT+00:00

DSHUSD remains nicely bearish as expected after we noticed a completed bearish triangle in wave B on a daily chart. Well, now that is accelerating even

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Dash

-3.73%

DSHUSD remains nicely bearish as expected after we noticed a completed bearish triangle in wave B on a daily chart. Well, now that is accelerating even lower, seems like a higher degree wave C is in progress, which should be completed by a five-wave bearish cycle. So, be aware of more weakness in the 4-hour chart, ideally towards June lows and 90-60 support zone before bulls show up again, but after current pullback in wave 4 that can also form a triangle pattern. Invalidation level remains at 165.

Dash 4h Elliott Wave Analysis

BCHUSD is coming even lower in the 4-hour chart after we mentioned and highlighted about a completed bearish triangle in wave (B). So, with current sharp and impulsive break below July lows, seems like wave (C) is already in progress with room down to 300-200 support area that can be reached within a five-wave cycle. Current recovery still looks to be wave 4 correction, which can be already completed or still in progress as a bearish triangle formation, however, in both cases be aware of a continuation lower for wave 5 of (C), while the price is below 540 invalidation level.

Bitcoin Cash 4h Elliott Wave Analysis

About the Author

Gregor Horvatcontributor

Gregor is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that, he was working for Capital Forex Group and TheLFB.com.