Bitcoin Cash remains ranging in the $2400 handle. Along with IOTA, it seems resistant to correlate with the momentum (either bull or bear) in other cryptos. BCH remains just below the central moving average of the KRI, which should continue to provide resistance. The band width of the KRI indicator is contracting which could indicate a breakout is near. It does appear to be forming a massive dragon head pattern, though the duration of this ranging period is a bit frustrating. The Kovach Momentum Indicators are somewhat bullish but have levelled off to reflect the sluggish BCH.
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Frustrating for sure. I've been in on this for about a week now, got in at $2350 when that was low. Now been waiting on some real movement every day. I feel like people are resting since the last ATH and some of the Coinbase controversy around it.
DO you have recommended levels for taking profit, and do you have any thoughts as to where it could break out to?
quantguy
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@Bit_Noob, everyone is pissed at the slump in BTC and alts right now. The problem is, when you've been printing 1000% profits (not an exaggeration), eventually the market will pull back, and its a frustration to traders eager to print more. I'm fairly confident BCH will break out. As to when? It's anyone's guess. The crypto bubble has not burst yet. The total market cap of cryptos is still < 1T. IMHO, we don't have to worry until we hit 10T
Bit_Noob
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@quantguy, I haven't been printing money yet, unfortunately. Still new here. Just now starting to get the hang of it after a couple months but lots to learn. Glad to hear your optimism. It gives me time to catch up.
DO you have recommended levels for taking profit, and do you have any thoughts as to where it could break out to?