Bitcoin Cash (BCH) with a prominent ABCDE correction triangle
An impulsive breakout for BCH exceeded the resistance of the downtrend and then the prices retreated to the apex making a lower low (while the MACD made a higher low) could be a bullish divergence.
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I hope you're right. I'm one of the people who didn't just keep their Bitcoin cash from the fork. I bought more.
I still have some that i couldn't sell after the fork when it got to $900, I'm holding because a potential fractal would take prices to above $1000 but if it doesn't I'm still hodling.
But don't get me wrong the current trend still is downwards (a major resistance is waiting above $450), have a great time.
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Currently, only about 2% of the global hashrate is being used to mine BCH. This not only means slow transaction speeds but I'm foreseeing a clogged network unless next difficulty change kicks in.
I doubt we'll be seeing BCH anywhere near bullish in the short term. Actually, I think it'll go down even more.
Yes I've heard of that, that would also make it vulnerable for a 51% attack, but I'm just pointing what the technicals show me, have a great day!
Makes sense mate, you've a great day too!
A wild ride - lets see when it comes back again!
It might be soon, STEEM ON!
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