So BCH hit the 0.618 FIB which happened to be the 2nd of the 3 support zones. It also hit the broken resistance line which turned into support.
Now BCH has slow blocks, which makes it a lot easier to pump (it means users can't really deposit coins into exchanges to sell them, so the already restricted supply, gets more restricted). Miners sold their coins and are probably accumulating to pump it again. If the support breaks, next stop at 0.12.
Also, the RSI hit oversold and bounced of its trendline, which is slightly bullish sign, even though it is trending down.
@Sabibaby, @nottsy Hey, I think they just started slowing down the blocks today... You think maybe BCH will PUMP some more so the can try to catch more fish trying to send their's to exchanges to cashout? Maybe, it's only day 1 and they will pump the coin to catch more fish?
mightytrader
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THAT"S ALL I CARE ABOUT: PUMP!! :D
Sabibaby
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@mightytrader, It's pumped because it's new and there's a lot of controversy but eventually it'll level out and long term bct and bch will both continue to rise. I can't believe so many people were convinced to dump their free BCH so early on thinking it was junk. $600 is cheap, in another year it I'll be double.
Crypto_Knight
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BCash is not going to die. Don't underestimate Roger. My understanding is that he hasn't really decided whether to go all-in on BCH. Seems like when that price starts to droop, big money comes in and holds the line.
BitcoinMacro
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@Crypto_Knight, Hi thanks for your advice. I agree with you. That doesn't change the fact that it is trash, or tha it is going lower. It will go further down and when people access their Bcash or even realize they have it the price will drop substantially. Then he will pump it again ;)
mightytrader
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You think it will pump again in September. I really don't want to sell low. I won't be able to see probably until late tonight...
Yep. This is exactly what's going on and I just learned the hard way. HOPEFULLY I can sell while it's still in the $600's... argh! x(
Sabibaby
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@mightytrader, Jeez... you can't even wait a few days? 1-3 percent down and you abandon ship?
mightytrader
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@Sabibaby, No. I mean I'm trying to transfer the damn thing between exchanges and it has only 2 confirmations... I transferred at 11 AM this morning.... So, they are playing games those Chinese and Roger Ver so I'd rather get out. I was expecting to the transaction to take 1-10minutes max.!