Correlating Bitcoin cash and Bitcoin make sense, on the end they are relatives.
Bitcoin prove his toughness and resistance to all kind of disturbances. He swing a lot but he always come back stronger. Bitcoin cash shows that is highly correlated to his ancestor. I hope that gradually each coin will gain persistent community of miners decentralized enough, that they will secure the the network and collect transactions without delays.
When China exchange ban happened Bitcoin swing 2/3 of his value downwards. It was scary, but Bitcoin make it. Also Segwit2x fork called off was a big blow, but Bitcoin is like Phoenix. He rose from ashes again, rebound from $6500 level and now is testing $8000 mark again. MACD shows solid uptrend but RSI is warning that it will be no rally much higher in the near future.
Bitcoin cash is settling just above $1000 level. MACD shows weak downtrend but RSI is approaching oversold area and it is quite likely that $1000 support level will hold and that BCH will also gradually take off. It'll be better to wait until BCH is under MA90 moving average (green line) and not buy inpatiently. Setting stop loss just bellow $1000 for existing long positions is a wise move anyway.
--------------------------
Image sources: Investing.com
Disclaimer: If you use my ideas and analyses in your investment ventures, you take all responsibility and consequences about your actions.
What do you think about BCH and BTC price? Comment and present your views! Great ideas emerge from good quality discussion! I'll be immensely grateful for your contribution.
And as always upvote this post and previous ones, if it have some value, follow me, if you think this content is great and I promise that it will be more interesting stuff in the future. Let steem on to this bright future!
Wicked analysis, we are seeing some consolidation on BCH at the moment!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yes exactly that was on my mind, but it turns even worse. If I plot Fibonacci levels from $2100 (spike) to $600 (where BCH was settled from November 3) the 78.6% level had been broken meaning that now BHC can retreat to $600 levels whit great possibility.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
What. Just. Happened?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I had been saying that, we must wait and it turns out that this mild downtrend get some additional steam.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit