BitcoinCash found the bottom at btc 0.123 while forming a bullish divergence on the RSI oscillator. The following wave up resulted in a break above the downtrend trendline and the 50 Moving Average, suggesting the continuation of the already established uptrend.
The recent wave up resulted in a break above the btc 0.152 resistance level, confirming BCC/BTC bullish intentions. The potential move up might result in a growth towards btc 0.2, that is 38.2% Fibonacci retracement applied through the all-time high.
But this is only the first upside target and key resistance level. If Bitcoin Cash will break above, that should confirm further uptrend and could send price much higher. On the other hand, rejection could result in a corrective move down or an extended consolidation.
The risk of the downtrend will only become valid once/if price breaks below the btc 0.123. In that case BCC could go down towards btc 0.1 psychological support.
@n-cageman, its the same view as on chart, nothing changed
tradewizz
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Current price action speaks that this is a pump attempt and kids are trying to catch it. Real growth happens when substantial news emerge.
CryptoPAMM
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@tradewizz, well then you should act according to your vision, right?
tradewizz
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This is just a bounce... it should continue down. This has happened many times before when it gets pumped and then dumped with several bounces. Decent rises appear only when BCH stablises for a long time...
Have u got an update for Bitcoin Cash ;)
Thanks for your chart! I agree with you