Bitcoin Cash broke out today on the log chart. I think log resistance is generally more representative of a breakout than linear particularly at these price differences (time scales). They also occur after breakouts on linear charts so they are definitely better signals.
Based on the Oct 2017 breakout, I expect some kind of initial pump followed by a pullback and fallow period and thereafter a potential bull run. Be mindful however, I do not trust the current low volume market. The exchanges have and do still imho manipulate the price. The trading volume is extremely low and you would think such a breakout would attract a great many bulls. Well, where are they?
Anyway... it's very possible the BTC price might reach the 200 daily MA (about 9200 USD). This is a significant resistance. If BTC fails there, BCH will crash too.
Based on the Oct 2017 breakout, I expect some kind of initial pump followed by a pullback and fallow period and thereafter a potential bull run. Be mindful however, I do not trust the current low volume market. The exchanges have and do still imho manipulate the price. The trading volume is extremely low and you would think such a breakout would attract a great many bulls. Well, where are they?
Anyway... it's very possible the BTC price might reach the 200 daily MA (about 9200 USD). This is a significant resistance. If BTC fails there, BCH will crash too.
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Interesting volume comparison between last breakout and this one. There is literally no no volume. I'm not convinced at all about this breakout tbh, I want to be but it just doesn't look right
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Looks like the 200 MA turned out to be a substantial resistance BTC. If we close under today, there is a good chance of a reversal downwards tomorrow, either a pullback or continuation of the downtrend. Any pullback will affect BCH gains.
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I'm not optimistic that this breakout will be sustained, however the rejection of BTC at the 200 MA may be either a slight pullback or a resumption of the downtrend.
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BCHUSD has dipped below the trendline. Like I said I do not feel confident in this attempted breakout and I still feel BTC has another 2 months of mostly downward travel.
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I have a suspicion BCH is at the end of its first cycle and this correction will see us losing the trading channel in the chart.
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BCH lost that channel it was in. No biggie, this is an intercycle correction obviously. I think there are good parallels between early Bitcoin and Bitcoin Cash. BCH making the same growth pattern in my opinion
