Long
BitcoinCash VS Bitcoin Is Now Ready
Not so long ago BitcoinCash was considered the best alternative to Bitcoin and huge grow was expected by most cryptocurrency market participants. Yes, BitcoinCash went up strongly as expected and gained 330% against the Bitcoin in December 2017. While the uptrend continuation was widely expected BCC/BTC started to move lower and corrected from the previous high at btc 0.292 down to btc 0.136 where it found strong support.
At btc 0.136 BitcoinCash rejected the 200 Moving Average and the 8/1 Gann Fan trendline. The following wave up resulted in the descending channel breakout confirming BCC bullish intentions. Although price once again corrected back and again it rejected the 200 Moving Average and failed to break below btc 0.136 support.
The next potential move by BitcoinCash could be yet another wave up, where the uptrend will continue. There are two upside targets that should be watched. First is btc 0.335 and second is btc 0.390, both of which are confirmed by two Fibonacci retracement levels.
At btc 0.136 BitcoinCash rejected the 200 Moving Average and the 8/1 Gann Fan trendline. The following wave up resulted in the descending channel breakout confirming BCC bullish intentions. Although price once again corrected back and again it rejected the 200 Moving Average and failed to break below btc 0.136 support.
The next potential move by BitcoinCash could be yet another wave up, where the uptrend will continue. There are two upside targets that should be watched. First is btc 0.335 and second is btc 0.390, both of which are confirmed by two Fibonacci retracement levels.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.