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Bitcoin cash has seen an epic pump and dump, more than tripling in price in just two days. Yes, this spike definitely means there's trouble ahead for the price.
This spike came as BCC successfully mined it's first 8MB block, in addition to uncertainty about ANOTHER fork in November with Papa BTC which would form ANOTHER bitcoin clone.
Anyway....let's get to the charts.
Hourly Chart
All signals are pointing unfavorably for this new currency. After hitting it's ATH this morning at $940, I think the run might be over. Since then, we've had tapering volumes, along with a large percentage selloff and profit taking from a massive run up. Large candle wicks at this level are showing huge signs of rejection.
An overall down trend line is starting to get established, and it's likely we'll see bounces at each previous resistance level. The current price is sitting just below the 78.7% fibonacci retracement level, and it's likely we'll see much lower.
Technical indicators are all signaling a bearish pullback, with the RSI showing an overall downtrend with lower highs. CCI has just crossed the 0 level, meaning bearish trend ahead.
Thoughts on this coin? Thanks for reading.
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