The highs of December and lows of last September form a long term wedge formation indicated by the red resistance line and yellow oblique support lines. A shorter term wedge formation is formed from the yellow support line and the high in early may. It was a bad sign on the 9th of June when the breaking of the 17th May support (black horizontal line) was not sustained and we subsequently saw a continuation of the downtrend.
The two wedges formed are critical to the direction of the market I believe. A break to the yellow line oblique support ( long term trend) may send BCC to around $400. A break above either oblique resistance lines and we may see a significant reversal to the upside. Only time will tell.
Fundamentally, The rally in crypto seen over the last day may have been due to the SEC ruling that Ether is not a security and that CBOE may be going to issue Ether futures. I do realize however that the Alts seem to relentlessly follow BTC despite their qualities such as better scalability, lower transaction fees and a more flexible approach to change.
This is my first published idea. I am not a professional. This is a hobby and I am publishing to hopefully get some feedback to improve my knowledge.
Cheers
The two wedges formed are critical to the direction of the market I believe. A break to the yellow line oblique support ( long term trend) may send BCC to around $400. A break above either oblique resistance lines and we may see a significant reversal to the upside. Only time will tell.
Fundamentally, The rally in crypto seen over the last day may have been due to the SEC ruling that Ether is not a security and that CBOE may be going to issue Ether futures. I do realize however that the Alts seem to relentlessly follow BTC despite their qualities such as better scalability, lower transaction fees and a more flexible approach to change.
This is my first published idea. I am not a professional. This is a hobby and I am publishing to hopefully get some feedback to improve my knowledge.
Cheers
Trade active:
All quiet on the western front. Sideways movement on fairly low volume, low volatility. Expecting some standard issue FUD media releases in the next week or so which may drive the price below major support. If no big volume spikes to the upside appear we may be much lower soon. Please note, this is my uninformed and usually incorrect view and opinion only, based on no substantial evidence at all.
I see that the BCC v BTC war is warming up again with the release recently of a new crypto "Bitcoin Core" (BTCC). With BCC supporters not happy with the name, sparking a troll fest on twitter etc.
www.coindesk.com/the...olling-bitcoin-cash/
I see that the BCC v BTC war is warming up again with the release recently of a new crypto "Bitcoin Core" (BTCC). With BCC supporters not happy with the name, sparking a troll fest on twitter etc.
www.coindesk.com/the...olling-bitcoin-cash/
Cryptos managed to bounce back (on Tether headlines) today after Bithumb hack headlines overnight. If some more momentum is generated over the next few days then maybe happy times ahead.