Bitcoin and Bitcoin Cash Elliott Wave Cycles Point Higher

Bitcoin has nice impulsive characteristic on an intraday chart, currently observed in a pullback approaching the support at 4700 area, where wave four can be looking to accomplish an appartment correction. The trend happens to be up on so long as 42595 is not breached.

Bitcoin is trying to recuperate after recent drop and deep pullback from 53k as shown on the 4h time frame. Observe that price is appearing out of a corrective channel and now also trading above base channel so it appears that bulls can be in progress. Actually, the structure of a pullback from September high was in three waves, and that is a corrective pattern, a zigzag that's pointing higher. If the price comes back below 43833 then bitcoin can be trapped in a sophisticated and sideways pattern.

On 4h chart BCHUSD can be recovering above the trendline support, which can be bullish for the marketplace in the short term. Technically pullback is normal as drop from 804 has unfolded in five waves, so three-wave rally is normal. Ideally, this recovery is now still in the midst of development so be aware of more upside to accomplish the structure, possibly at 600-700 area.

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