Fundamental and Technical Picture
Can the return of Jihan Wu to Bitmain help BCH outpace BTC again?
Micree Zhan has been ousted from all operations as Jihan Wu returns to Bitmain and is taking over as legal representative of Chinese operations. We will update the story as more news becomes available.
First chart shows BCHBTC in a horizontal range. The current location of price vs the previous patterns of the market algo suggest not taking a long on this news, if you think it is bullish, until the horizontal blue line is broken. History also suggests any throwback to the range is a time to add to positions.
The second chart is BCHUSD vs BTCUSD. They are moving fairly well together. The weakness in the BCHBTC pair is a lack of market interest, and maybe Jihan can spark more interest in the market. For that to happen the USD pair will have to outperform which means it is both a good BTC & USD pair trade upon breakout conditions.