Is Bitcoin Cash a Foreshadow of the Crypto Future?

Many analysts will call the bitcoin cash explosion where it more than tripled in 48 hours an obvious short-term example of a bubble. However, could chart patterns mirror the longer term explosion of the cryptocurrency market?

Let's take a look at the recent bitcoin cash chart below, which is in the one-hour timeframe...

1-Hr BCC

Earlier today we broke a big support at $600, and the candles on all charts have been showing big upper wick rejection now at this level. BCC found temporary support at the $550 level, and have since rallied a little in a classic bull trap.

One of the things to note about this chart though is the quick rise, decent pull back, and then one last push up to the ATH with declining volume.

Now, let's take a look at the longer term bitcoin and ethereum charts...

Weekly Bitcoin

I'm starting with bitcoin since that seems like the closest to the cycle of BCC right now. Notice the patterns, a huge rise with some smaller bear traps, and a decent correction once we got to the first ATH with a big pull back. The coin found some support, and with lowering volumes, made it's way to the ATH where we now find huge rejection candle wicks and confirmation of a trend reversal and indications of a correction happening along with massively overbought technical indicators.

Could we see the same downtrend happening for the longer bitcoin charts as we see in the shorter bitcoin cash charts? Based off of the usual chart patterns for crypto rallies as well as the dwindling interests in cryptos based off of search trends, I'd say this is highly plausible.

Weekly Ethereum

Ethereum seems to be the most "exciting" out of the trio. Based off of the charts, we could argue that ethereum is still in the early stages of the bubble trend. One possible scenario is ETH finds support and explodes up past the ATH to around the $450-500 level. The other scenario is that we get rejected soon, and ETH continues in an overall down trend.

Market Cap

We see the overall market cap of the crypto space shaping up with exactly the same looking pattern as BTC, ETH, and BCC. Again, if the BCC trend is any indication of what can/will happen, the future isn't looking too promising for bull support.

Market Factors
Nothing appears to be propelling the markets currently besides hype and greed which are showing signs of tiring. All global economic uncertainty has already been priced in and has lead to the massive explosion the last several months. The only thing left still in the crypto sphere that seems to be inevitably waiting is "FUD". News hype is over as are the changes to fundamentals (wasn't that short lived?).

I believe it's likely we'll see the whole crypto space cool down and see a continued long correction over the next year. Again this is solely based off of typical crypto chart pattern's, what's currently happening as well as what's happened in the space before, and trends of market and financial hype.

Thanks for reading! I hope you all enjoyed. Let me know your thoughts and as always vote, follow, steam. Thanks!!