jpbrown1023

BCH - Decision time as it quickly approaches the Death Cross

BITFINEX:BCHBTC   None
Looking at the daily chart , you can see that Bitcoin Cash (like Bitcoin ) is quickly approaching the dreaded "Death Cross" or when the 50-day moving average crosses the 200-day moving average. A cross of these two would be very bad for Bitcoin Cash and would likely trigger more selling, sending it to new all-time lows. Coincidentally it has an almost completed pennant pattern formed and as history has shown, it has the potential to explode to the upside very quickly. I think this most recently selling off was due to the Bitcoin pump from $7,200 to $8,600. These next few days will be telling, but considering a bullish cross on the MACD with its positive price action and near pattern completion, I am optimistic. At the same time, it is important to note that many alts are dependent on Bitcoin's health and if Bitcoin cannot turn things around here soon, it very well could have a strong influence to the downside on the rest of the market including BCH.

Current blue trend line matches up BCH's all-time high mark.
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