BitcoinCash is currently finishing up its second bullish pennant. The recent trend appears to be a push followed by a 50% retrace, only to push again to the 1.618 fib. If the price continues to follow this trend we could see $840 over the next week or two.
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The Segwit 2x announcement caused panic selling across most crypto markets. BCH price dropped a considerable amount; but the bleeding candle closed, and the first recovery green opened, at the 50% retrace level. BCH is back at it's pre-panic levels and my original analysis still applies.
Trade closed: target reached
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This trading idea closed, the target was reached. The trend is still moving up, so my trade is still open.
so with b2x suspended or whatever, what do you think will happen? bch is done?
kryptobyte
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@ehidalgo919, thanks for commenting. The closing prices bounced off of the 50% retrace; everything below the .50 fib can be attributed to panic sells. The Nov 13 fork brings an updated Difficulty Adjustment Algorithm, so it's unlikely that BCH is done.