As you can see, we are at the 0.5 fibo support in the BCHUSD chart. This support will puncture if we see a fall in the BTCUSD chart.
Meanwhile, in the BCHBTC chart I can envision another 30% drop to the trend line if we fall below the min fibo level to finish consolidation.
What all this means, in dollar terms, BCH is facing downward pressure from dollar losses in the BTCUSD chart TOGETHER with consolidation pressure in the BCHBTC chart. Combined that could be about a 40% haircut in dollar terms from where we are now. I sold my position at the max fibo level after picking up in the trading zone I discussed in the BCHUSD thread.
In the BCHUSD chart we are at the trend line. This is one of those moments where its tempting to buy. But as you can see, we could see the min fibo level again, or even the major support at $410.
Please note, there is now a possible top end line that could reverse the market pretty hard.
Notice how supply was mopped up. Thats a lot of BCH! Now we have the corrective wave-B unfolding. I don't think this is a break out. If you are thinking about getting involved, the problem here is that the trading range is huge (blue lines on the chart). The top of the trading range is way up there. There are multiple resistance points where this rally could end, most likely with a bang.