BitcoinCash is currently finishing up its second bullish pennant . The recent trend appears to be a push followed by a 50% retrace, only to push again to the 1.618 fib. If the price continues to follow this trend we could see $840 over the next week or two.
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The Segwit 2x announcement caused panic selling across most crypto markets. BCH price dropped a considerable amount; but the bleeding candle closed, and the first recovery green opened, at the 50% retrace level. BCH is back at it's pre-panic levels and my original analysis still applies.
Trade geschlossen: Ziel wurde erreicht
This trading idea closed, the target was reached. The trend is still moving up, so my trade is still open.
@ehidalgo919, thanks for commenting. The closing prices bounced off of the 50% retrace; everything below the .50 fib can be attributed to panic sells. The Nov 13 fork brings an updated Difficulty Adjustment Algorithm, so it's unlikely that BCH is done.
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