🔥🔥Bitcoin Mega Update volume 2: Battle rages on🔥

I like to frame this as a battle between bitcoin and bitcoin cash, because, well, it is. You can really see that when you look at the correlation between the two in the image below. Bitcoin cash is like a mirror image of bitcoin. Everyone is flipping back an forth based on which one seems to be winning at the moment.

For now, bitcoin has broken the uptrend support line that it has been following for the last couple of days. Notice in the second image below how it breaks support, then comes back for a second try before finally failing? This is why I consider the first substantial break of a trend line to be the end of a trend and time to exit if you are a trend trader like me.

Sure, it might go higher, but more often then not, a significant break of resistance means a retrace is coming.
Notice that at the same time, bitcoin cash was forming a bull flag, which seems to have broken out upwards.
So, if I took an unbiased look at the charts, I would say that bitcoin cash is in the beginning of a bull phase, and bitcoin is very advanced in it's bull phase - and likely to see a significant retrace.

BUT bitcoin has proven a difficult beast to tame, so don't expect a sudden flippening - this will take time, and the winner is not at all obvious. Anyone who thinks they can predict the outcome is crazy.

How to trade this:

If you are a fan of Hiken Ashi candles, which I am, you may have noticed that the 1 hour Hiken Ashi candles are doing a good job of capturing the trend on bitcoin cash. Look at the third image. You could potentially base entry and exit signals off of the 1 hour close, ie, a first green candle could be an entry and a first red could be an exit. The danger is in the flat consolidation zones you could get chopped out a bit (chopped out = taking too many small trades that go nowhere and bleed you in fees). This kind of pattern gets noticed, and then it stops working, but for now it looks pretty good!