In about 3 hours, Bitcoin Cash will hard fork network upgrade their Emergency Difficulty Adjustment algorithm from the system currently used, which is gamed by miners and causes all sorts of hashpower and block discovery fluxuations, to an algorithm that actually retargets every block based on a sliding 144 block window. Bitcoin Cash will be exceptionally future proof and will have a second major, distinct advantage of Bitcoin Legacy.
Here's a nice countdown: https://cash.coin.dance/
Take a look at the official announcement from the Bitcoin Cash team here: https://www.bitcoinabc.org/november
What's worth noting is how things are discussed and handled in that post between multiple development teams. It's a distinct, major departure from the way Blockstream handles things in Bitcoin Legacy and is a much needed breath of fresh air.
Hard to say what will happen, but as I've said before, Bitcoin .com and ViaBTC 4.43% pools have been signalling Bitcoin Cash in the header text of the blocks they've been mining since S2X was cancelled. Between Bitcoin .com, ViaBTC 4.43% , and Antpool, that's 30% of BTC hashpower that is available to formally move to Bitcoin Cash. It's an announcement that I absolutely expect to see, because that was the entire point of the Bitcoin Cash fork in the first place. It's just a question of when.
Right now we're still in a falling wedge pattern. We have found support twice in the $1000 area, which is both an expected retrace and a bullish divergence . Amidst this battle, Bitcoin Legacy also retraced to one of its corrective peaks. After a run to $2, 800 -6.76% in one night, it's no surprise that there's a shake off and resistance at different levels.
We just bounced off the trendline at $1,300 again and are showing some consolidation in this range.
Your safest entry for a breakout in my opinion is still with momentum above $2,000. That being said, now that time has passed and averages and consolidation have played out, a breakout above $1,500 will also be an adequate entry point.
Bear in mind that when you play breakouts, like at $1,500 yesterday and $1,300 an hour ago, you have to make sure they're firm breakouts. If they bump into resistance and then get sold off, they're not firm breakouts. It's not as important that you get the best entry point down to the dollar as it is important that you're trading in the right direction.
There is a lot, a lot of FUD going around. DLavrov is one of the best TradingView posters and decided to fire his political opinions off in his own post. Half the comments in every post about Bitcoin Cash are a combination of dumb money barking like dogs and Blockstream Dragon's Den PR 0.09% moles pretending to be users complaining about this and that. Once they bark about centralization this, Roger Ver 0.06% that, "BTC is the true king" merp, "Enjoy your pump and dump" derp, you should be able to tell what they're up to and where they come from. They're not real users, although there is a portion that have been deceived and are regurgitating trash.
Not everyone has been trading and involved in Bitcoin Cash since August like I have, but I can assure you that each time the price went up on the previous run, it was the same story when the price went down. The same minions, the same trolls, the same arguments, the same tactics.
This is how it is when everyone who has investments in Bitcoin Legacy but sold off their Bitcoin Cash between now and August feel. Standing on the wrong side of history leaves one's blood cold while their heart laments as regret torments their soul.
But you either keep up with the times, or you're the dumb money stuck holding tulips as your blockchain seizes.
