Bitcoin technical analysis after August 1st

eviljedi (38)in #bitcoin • 7 years ago

Bitcoin Cash is here

Many of the Bitcoiners on the August 1st were following Bitcoin fork happening live. World Crypto Network yesterday had almost 8 hour long live show with a lot of guests including Charlie Shrem, Simon Dixon, Trace Mayer and of course Tone Ways, Jimmy Song, Thomas Hunt, Blake Anderson as the hosts. They were covering everything that was going on, as it was happening, managing to more than triple previous record of live viewers and reaching almost 4000 at the peak. Meaning that the community was interested in how this fork is going to play out.

Currently Bitcoin Cash is trading on Bittrex $540 a piece. And most of the Bitcoin community including me is surprised that the price is so high. While the Bitcoin price hasn't really dropped and looking better than ever. We have to assume that most of the Bitcoin Cash coins haven't been moved yet. So Bitcoin Cash will most likely experience big price swings in following weeks.

BTC-USD daily chart

Bitcoin daily chart has been looking bullish since July 17th, when price moved $1000 up within four days and has managed to stabilize above $2500 mark. At the moment price is staying in the triangle that is closing out to the upside. Considering how much support is below and RSI looking good, I expect the price to break out $600, as the triangle closes within a week or so, reaching new heights around $3500.

BTC-USDT daily
BTC daily.JPG