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Posted by Ryan Case | 10/11/2017 16:12
Since hitting record highs above 7,940 on Wednesday, bitcoin has lost as much as 15.29% or $1,214. While bitcoin traded lower, bitcoin cash rallied, gaining as much as 69% or $359 from its low on Wednesday.
Bitcoin Daily Chart
Bitcoin has today retraced below the 06 November low at 6,894, with an ascending trend line from the 15 September low and the 21 October swing high possible levels to watch for support if the market continues lower.
Earlier today the market reached lows of 6,727.
A retrace below a previous swing low is not something we have seen on the daily chart in this move up since 15 September.
When we saw a retrace below the 02 September low of 4,007 (lower orange line) the market continued to put in subsequent new daily lows before it turned higher again.
A break above the Wednesday high could suggest a continuation of the move higher.
Bitcoin Cash Daily Chart
Bitcoin cash found support during Wednesday’s move lower at the 29 October swing high of $520 and has subsequently rallied to reach new highs above $880 earlier today.
The move higher today has taken the market above the 03 November swing high at 685.17, which could be an area to monitor for support in a move lower.
The 1 hour chart below more clearly shows the divergence in price movement since Wednesday.
1 Hour Chart
On Wednesday the bitcoin ‘hard fork’, SegWit2x, was called off. After this news bitcoin traded to the new record highs we have mentioned above. This came with an announcement by leaders of the SegWit2 fork that they had decided to suspend the split due a lack of consensus within the bitcoin community.
Bitcoin gold is set to go live this weekend, with the developers saying they will release their software for download on Sunday. This will mean BTG blocks are able to be mined openly, and wallets and exchanges will be able to process deposits, withdrawals and trades when they are ready.
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