Topic: Do you think there's a negative correlation between BCH and BTC? (Read 156 times)

I mean, funds pushing BCH price up come from the profits booked by BTC holders because the total funds are limited as present. Your thoughts?

Here's the analysis from Kuang Ren, feel free to leave your cmments.

BTC/USDT:
BTC price dropped after the publish of my last analysis and broke below MA 5 effectively, which can be seen as one of the few major corrections in the past few months. What seems positive is that only those with considerable gains follow the downtrend, but for those having been consolidating for a long period, upward move will become their main theme, meaning that funds are still flowing within the market and show no signs of retreat, which seems good to investors preferring long-term trading.

Price won’t break below the platform formed near $16,000 right the first time because such platform representing the cost area with lots of chips seems pretty strong and we can see that from chart. However, strength of the rally after stepping back to the support at $16,000 seems extremely weak.
Overall, price will be brought back to around MA 5 and continue its downtrend towards the bottom. Whether support at $16,000 can defend its ground or not remains to be seen. Basically, we can say that a temporary top of BTC price has been formed and a corrective move may be initiated. Day traders can bid on dips and sell on surges during the rally.

Original by Kuang Ren, translated and posted by AICoin Jami.