BITCOIN CASH -- Repeat Pattern AGAIN!?

exxodus (60)in #bitcoin • 9 years ago

I've been saying for a while now how I'd prefer BCC over Papa BTC. I think the 8x block size is a huge improvement, and I was shocked and baffled how a currency with much better fundamentals that's still the same concept as the other (and same name, really) could be worth a fraction of the value. This justification has been proof that the crypto market is definitely over hyped, and purely driven off of greed, not solid fundamentals of coins that will actually be usable.

Anyway, this pattern cracks me up. It's basically the inverse of what you see for normal financial charts where things take the stairs up, and take the elevator down. With Bitcoin Cash (and Bitcoin too when you look at all these other crypto charts), the opposite scenario is true, and the hype comes in all at once, but can't hold. People fearful for losses try their hardest to have the bulls show up and not crash the price even though it is in fact, inevitable.

If you look at the Daily chart above, notice the chart pattern showing a perfect replication from the end of August to the end of September (2 months) of what Bitcoin did from 2013-2015 (2 years). In addition, both went from topping out near the 1,000 mark ($950 for BCC and $1,200 for BTC), before finding a low support in the $200's and rallying to a new ATH.

So guess what? It looks like we have another almost identical chart pattern here. I'm confused who the genius' are here who bought at $2,600 in this situation, but hey, power to the people who sold (I definitely would have...well, actually I would have sold LONG before it got that high). You better believe it will take a lot to keep BCC at these prices (yes, even currently at $1,332). Daily RSI topped 93 which is insane.

I know a lot of this volume is due to the BTC announcement of cancelling the 2x fork, and now BCC shows to be more profitable for mining than BTC.

Support for BCC looks to be at the previous ATH and around the $1,000 psychological level. I do anticipate this to eventually break.

Exciting times still in crypto land!!! Happy trading!!

#cash #ethereum #cryptocurrency #analysis

9 years ago in #bitcoin by exxodus (60)

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dexterdumb (55) 9 years ago

When you say "break," u mean the $1,000 low right? I was looking at the YTD charts and saw support @ around $850. If it does break the $1000 i bet it drops below that $850. At least for a short while. Always dependent on the hash rates aside from that. They have been swinging over to BCH (BCC) recently. Good post ty!!

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BITCOIN CASH -- Repeat Pattern AGAIN!?

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