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BITCOIN CASH BREAKOUT

smilingduck(26)

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#trading

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Descending Wedge Breakout

Bitcoin Cash which has been in a down trend since Dec. 20 2017 has broken out of the descending wedge with notable increase in volume adding credibility to a trend reversal. A descending wedge is a bullish pattern.

The breakout and increased volume can be attributed to Binance's announcement that it will support Bitcoin Cash's upcoming hard fork. The hard fork is scheduled to occur at 2018/11/15 4:40:00 PM (UTC). I think we can anticipate continued price increase as we get closer to the hard fork.

The SEC is also scheduled to rule on BTC ETF's on Monday and mid term elections on Tuesday which will effect stock markets may also impact crypto prices.