It´s been a long and hard way but finally BCH has broken out of the symmetrical triangle and also out of the negative trend channel.
It follows now the positive trend channel (green).
This surprising movement is due to the turnaround at BTC, because BCH is correlated to BTC (not 1 : 1). Compared with the ups and downs of BTC (since dec 2017) - BCH is much less volatile!
Nevertheless, when BTC rises then it is far probable that BCH rises also - perhaps with a lag of some days. And vice versa.
So to have an idea where BCH is aiming, it is helpful to have a look at BTC. And I expect BTC to go up in the next days.
What is now needed for a prolonged rise in BCH is momentum! Perhaps it is coming back with rising courses.
If BTC follows my analysis it is heading ATH - and so will do BCH as well (medium term). BCH should not fall back in the triangle, nor in the negative trend channel - this would end my positive analysis and we had to wait.
indicators:
RSI: strong - not overbought
MACD: just triggered and climbing (from low level)
ADX: no momentum! - but +DI is positive and -DI stays below 20
It follows now the positive trend channel (green).
This surprising movement is due to the turnaround at BTC, because BCH is correlated to BTC (not 1 : 1). Compared with the ups and downs of BTC (since dec 2017) - BCH is much less volatile!
Nevertheless, when BTC rises then it is far probable that BCH rises also - perhaps with a lag of some days. And vice versa.
So to have an idea where BCH is aiming, it is helpful to have a look at BTC. And I expect BTC to go up in the next days.
What is now needed for a prolonged rise in BCH is momentum! Perhaps it is coming back with rising courses.
If BTC follows my analysis it is heading ATH - and so will do BCH as well (medium term). BCH should not fall back in the triangle, nor in the negative trend channel - this would end my positive analysis and we had to wait.
indicators:
RSI: strong - not overbought
MACD: just triggered and climbing (from low level)
ADX: no momentum! - but +DI is positive and -DI stays below 20
One day before chinese bank (PBOC) has announced that it´ll close down all mining activities.
Both didn´t mention a time scale and I think it won´t be so sad as thought. Neither the chinese will lose their influence on Bitcoin, Bitcoin Cash and other miners, nore South Corea will lose the taxes out of the gains from the massive trading volume. Coreans love crypto!
Probably there will be some adjustment and miners will search for other countries with low energy prices; also exchanges will have dependencies in different countries to be more flexible.
It has been crystal clear that governments only watch the development of cryptocurrencies - a currency which is decentralized and not controlled neither by the government nore by a central bank. They´d to react in some manner.
I hope that the regulations coming leave enough pace for freedom.