Looking again at BCH and redrawing the downtrend to include the "fakeouts", you can see that actually it looks like BCH has not broken out yet. Instead we are stuck under the downtrend. Now this can change. We might indeed push upwards from here and I already have a chart for that.
This chart assumes the dump continues and compares the BCH cycle with BTCUSD from 2011/12. They are both day charts and you can see that the features line up well, in some case perfectly. If we are following this cycle we may have one more drop to go.
Target in this cases is 520 USD.
Loss of support at 20 MA means dump highly likely.
Remember the gods of the market like to screw with both bears and bulls equally!
In addition, Stoch RSI is maxed out.
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So BCH is moving at last. Every coin seems to be taking turns to pump and then take profits. Now I have very mixed feelings right now about where we are in general. Bulls and bears will see what they want, let them. There are definite indications of a coming pump here let me show you. The RSI has a threshold at 60 that we need to pay attention to for BCHUSD. Breaking this is a signal for high volatility pump, not though it need not create new highs here! We may get knocked back earlier (see "minor" pump). Guys this could be a much larger correction than anyone wants to admit.
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If we fail to break 60 on RSI, then I imagine will get knocked back at the 50 MA
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I actually think this BTC fractal is correct, except this is where it becomes obvious fractals should only be used as a guide. Sometime during the correction the BTC and BCH fractals became unsynced leading to significant changes in the BCH candles. Take a look we are basically finishing the BTC market cycle from 2012.. I still think we will likely rebound from the 200 ma, the question is where we will land: double bottom, or higher?
Great find. One difference I can see is that BTC price was kept inside a narrow channel, very close to the down trendline. This was a sadistic move from "their" side since small fish were expecting a breakout everyday for long periods of time, only to end up with another dip. They were able to distribute BTC at very high prices.