Bitcoin Cash (BCH) appears to be approaching the end of a larger-degree A-B-C irregular flat correction — most likely wave (2) on the daily timeframe.
Price recently reached a significant support zone, produced a strong and impulsive rebound, and is showing early signs that corrective selling pressure may be exhausted. This increases the likelihood that wave (2) has already completed or is very close to completion.
On the 4-hour chart, the final wave C unfolded as a clear five-wave bearish impulse — a structure that typically marks the end of the selling phase and often leads to a meaningful low.
Current Assessment
The ongoing recovery is, at minimum, a three-wave structure (so far).
Bullish momentum has not yet been convincingly established.
The present bounce should be treated as a corrective advance until proven otherwise.
Key Levels
Critical support → Recent wave C low
First bullish signal → Sustained move and close above 563
Strong bullish confirmation → Clear break and acceptance above 670
As long as price remains below 670, any advance should still be viewed as corrective (counter-trend) behavior rather than the start of a new dominant bullish trend.
That said, the combination of:
a completed five-wave impulse in wave C
a sharp rejection of the key support zone
signs of downside exhaustion
…suggests that downward risk is becoming increasingly limited in this area.
This zone is now technically significant and worth close attention for the next major directional move in BCH.
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