I realize full well that going with headlines like the one above could leave me with egg on my face. But its what I do. If I was going to be just another one of those run-of-the-mill technical analysts who blandly tell you what happened yesterday with no clear forecast of the future, I would not bother posting.
Sometimes I am right sometimes I am not. We will know within a few days which is the case here. But I’ll say it again. A rally for BCH seems highly likely. Perhaps doubling, or more, from here in the next few days, perhaps as early as Aug 27 .BCH
After clearing the 1st arc BCH rallied strong until it was stopped by the Gann 1×1 angle. It corrected hard all the way to the 1×2, pushed through an arc pair and has moved sideways for the past day or so.
I have other setups (not shown) which suggest that a high of ~ 1459 on or about Aug 27 is reasonable.
Neo finished 5 waves up at the top of square. It has been correcting from that rally. The correct seems to be ongoing for the nest couple of days. Its a hold here imho. The rally will continue in the not-distant future.
LTC surprised us with a strong rally from out of nowhere, likely by traders anticipating a bump from BTC segwit activation. IMHO traders should take profits here as that 5th arc is likely to be stiff resistance for the foreseeable future.
BTC is harder to read. It has been stubbornly refusing to sell off for a very long time despite its having resistance it can’t seem to surmount. Like LTC, I suspect that traders hoping for a segwit bounce are buyers here, along with miners and others with a vested interest in BTC retaining it’s position as top dog. If BTC price falls while BCH rises, the adoption of BCH en masse is quite likely, and those with a vested interest in the BTC status quo are frantically trying to prevent that. I am not certain, but my continuing guess is that BTC price will fall in the near future to ~ 3300. We will see.
Remember: The author is a trader who is subject to all manner of error in judgment. Do your own research, and be prepared to take full responsibility for your own trades.
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