Bearish Sell Off Possible? BCCHere we are, days before the possible split of Bitcoin to Bitcoin Cash (BCC). This could have a number effects on the cryptocurrency, least of which is some price movements.
It appears many are buying for the sake of having some BCC when the split happens on August 1st. These buyers could turn really aggressive bear after August 1st after they get their BCC.
On the charts, we have what looks like a double top forming. Not the best I have seen, but it has potential, especially when paired with the BTC split.
From the previous high, we see a 3.85% difference in the tops which is what you would like to see in this formation. This suggests that the bears kept the highs from smashing through the previous high or even touching it for that matter.
The fall down to the now neckline is in range for what you would want at 18.31%.
Volume appears to be slowing on the upswings while it is heavier on the way down.
The uptrend before this is exactly what I want to see coming into this. It has to be there in order for bears to take their profits.
Still waiting on a confirmation as to both the price direction and volume as to whether or not this double top takes place. It must break the neckline with sufficient volume in order to be considered worthy of trading. Again, this could happen if those buying for BCC sell out in massive numbers on or after August 1st.
And at least we have some good resistance lines in place that would be wise to look at.
