Bitcoin Cash, the infamous result of a long feared yet successful BTC hard fork , is finally showing promising patterns after nearly a week of selling off.
The future looks optimistic for BCC 0.99% and 0.095-0.1 may be the lowest price we see for days.
- BCC 0.99% formed and broke out of a high tight flag.
- It has begun another flag with a strikingly similar 'W' pattern.
- The short and long term MACD lines have crossed.
- 161.8% line is 0.157
- The only thing that concerns me is the bearish divergence in the RSI . This does not guarantee a price reversal. BCC 0.99% may continue to climb steadily until the RSI reverses, triggering a parabolic run.
The future looks optimistic for BCC 0.99% and 0.095-0.1 may be the lowest price we see for days.
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I may have underestimated the danger of the bearish divergence in the RSI. I will continue observing,
Comment:
BCC is nearing another point of decision. The order book looks ominous, the chart is accelerating toward support, and the RSI is nearing a critical support line. If BCC breaks .09 and .088, it will likely fall to the previous flag level at .082-.084
If it holds the current flag, it will probably continue sideways for a couple days.
If it holds the current flag, it will probably continue sideways for a couple days.
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