In an official statement released on Thursday, Tom Zander praised BitcoinCash and said that its value means that Bitcoin Classic’s performance would be more than that, believing that within half a year BTC would stop adding «Cash» and that we would start calling it a new » Bitcoin. Bitcoin Cash increased its value by 35% in the face of expectations and, following the cancellation of SegWit2x, a large portion of investors decided to shift their capital to split the chain.
Let’s now take a look at the Bitcoin technical picture at the H4 time frame. The reversal from the wave five to at the level of $7,886 has happened as anticipated. Moreover, the decline toward the level of $5,534 is impulsive, so it might be a beginning of the new cycle down. The most important level for bears is now the technical resistance at the level of $6,982 and it might be tested as another leg upward is currently in progress ( possibly wave 2 or B). The weekly range measure by last week down candle size is now between the levels of $7,886 — $5,548, so it was almost reached already.