Bitcoin has grown almost 200% in 25 days without a correction. The last time it did this was when it cut $1000 mark. What happens next? (It has begun)
228,000 unconfirmed transactions despite having 90% Hash power. Now if the hash power moves to a certain other "trash" coin, how do you take profits or cut your losses if you can't move your coins to an exchange? When this happened on Nov12 remember how BCH reacted?
ETH, the next best thing is bogged down due to millions of cute kittens.
Where is the EXIT? (Hint: #1 & #2 cryptos are clogged, #3 could be the answer)
Our last channel was invalidated when BCH broke through the lower limit ($1220), however it ain't over yet buddy. I redrew the lower support line all the way from $450-600 and it approached support point at $1120, when BCH did cut that line earlier in the day, it violently broke out all the way to $1570!
One of the chart patterns we suggested was an ABCDE correction (see the linked chart) instead of just ABC, this chart aligns with that idea. So the next step is to race across this smaller channel and breach the top at $1575, we are almost there. C'MON KOREA! - Did I tell you that most rallies for BCH happen during Korean day time.
Fundamentals (facts) *It is the 3rd in Market cap among all the cryptos *Highest dollar price after Bitcoin *Carries the brand of Bitcoin as the first major hard fork *Wide open freeways (Big blocks) instead of gold plated wall street (Small Blocks) *Much lower price entry compared to BTC (Just 10% now)
Speculation *The adjustment has already happened and the difficulty has gone up significantly for bitcoin *Bitstamp has announced BCHUSD and BCHEUR pairs. No more tether worries. *BitFinex and Bitstamp did a u-turn and renamed BCH as "Bitcoin Cash" *A new exchange (CoinEx) in UK is offering only BCH pairs to buy/sell other currencies
I created an article to expand (much more) on these details and included various chart patterns (Elliott, Wedge) with possible bullish and bearish trends including a BCHBTC chart. Do check it out
Thanks for all the support guys!
Disclaimer: Please do your due diligence before investing in cryptos. Trading is much more complicated than investing and my observations are more tailored for the latter with a mid to long term view. In the market you are right until you are wrong. Have a good strategy in place and protect your capital always.
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We have a beautiful consolidation at $1400 since several hours, this usually means that BCH is getting the ground ready for the next jump. Of course, a lot depends on how BTC moves as well.
BCHBTC chart looks great as well while the price is reaching the end of the wedge and breaks out with a jump to 0.11BTC
We are still consolidating in the $1400 with a slight increase. I like consolidation after a major spike
BCHBTC chart also looks good and we are inching towards the upper boundary. However, we will need major volume to breakthrough. That could happen when BTC drops with exhaustion after an incredible 200% run in 25 days, while throwing the recent new investors under the bus because of a large backlog of transactions
I'm also including a scenario where we can see short term correction all the way to $1200 support line or lower if we hit major resistance around $1566.
But I remain very bullish on the fundamentals of this coin. Also do not underestimate the significance Bitstamp adding BCH/USD and BCH/EUR pairs for investors. This is a genuine alternative to scammy tether and BTC monopoly.
Also coinEx is a UK exchange promoted by viaBTC which is proposed to have only BCH pairs for trading.
Winds of Change..indeed
I will also try to add a BTCUSD chart in TV (already did in yours) because it is very much relevant in this BCH rally.
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Well Well! Both BCH and BTC fell dropped. But check out BCHBTC pair
We are still in the channel for BCHUSD, but have a backup plan for EXIT in case things go sour in the short term
BCH has touched the support at $1200, if we breakdown then next support is 900. We discussed this possibility, so hope you have a plan B to cut losses or HODL
Good thing is that BCHBTC chart has not dropped
We have been very accurate with BTCUSD move and the correction tren has aligned with our last night chart perfectly
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Ok we have BCH struggling to reach the upper boundary, so expect a move down if $1220 is broken. I hope you have a plan B ready because BTC may crash this party. More updates and charts in yours article including a separate article about possible BTC major correction
We are below the smaller consolidating channel
I still like the fundamentals for BCH and personally fully invested in it. Good Luck! check out my tweets from the link in my signature where I share great things about Bitcoin Cash
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and we are back in the channel..yaay. What a relief to see it is back in the channel. But we are not out of the woods until we reach the upper end of the channel at $1560
It was very tense being up for 20 hours and finally crashing when BCH started dropping to 1256. But I was too tired, left alarms on my Bitcoin Checker app to wake me up if it goes below 1210 & 1200 ;-)
We are also back in the smaller consolidation channel (although barely)
However, we are still in the BCHBTC wedge, consolidating more
imkeshav,
Nice to see you and the great R&M working in tandem ;-) Like the profile pic too!!!
Few things
1. bitcoin legacy looks like its clearing transactions ok (now at around 180k)
2. mining profitability doesn't seem to flip to bch for any decent period despite btc price drops
3. what would happen if china etc clamps down on mining farms?
Presumably in the last instance the dreaded btg and also coins such as iota would benefit
Wonder if you'd consider diversifying your analysis to the aforementioned coins
And just wanted you to be aware etc ecip 1017 imminent
Cheers
QDoC
1. True, but it could also be that smart ones are pulling out their money in advance but I also believe it is good to hedge with a little bit of BTC just in case
2. Observed this too and was genuinely impressed that BCH just didn't crash and burn but cant say the same if the tables are turned.
3. Very good point but can't the biggies just hardfork and move on?
I would love to look at these coins and analyze them, But right now neck deep in BCH. I need to diversify though - But BCH is so much drama and fun ;-)
However, I'm looking for usage now, please share links if you come across any instance where any of these currencies are being used in real world. Most of these currencies are being heavily speculated without a thought being given about adoption. If there is major disaster, I wonder how much they can withstand.
Doc-al-Citadel
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@imkeshav, thanks man. You know I believe bch is better placed than legacy to be a transactional entity. That's fairly obvious until the bolt of lightening to spark legacy into life ;-) But let's be real. Neither coin is ready or able or even required to be a fiat replacement tomorrow. By the end of next year maybe. By 2020 possibly. By the following decade almost certainly. So this is all a prelude. And the reason I am a believe in btg is two fold. Firstly mining will get hit. Secondly, checkout @MoonPickle. Btg technically looks a good hedge. I've cashed out quite a bit of my bch. I might get back into it later. I'll hold a few longterm come what may. Up until now btg has tacked bch. I know there is little infrastructure apart from an ever increasing organic mining base. If bch or legacy are able to confirm every transaction on day x but on day x+1 they take down the mining farms. There is only one set of winners. Those that don't mine. Or those that are gpu mining. On that basis I'm btg for the foreseeable. I know your mentor doesn't like that coin. But I don't think crypto is about that as you know. Let's see. I may indeed be wrong and bch holders may be about to see five figures. I think it is more likely that btg will be four figures though. Which for me would be good enough given that I've swapped bch for five or so btg quite a few times now. Also I think ethereum is safe whatever happens to the bitcoins and the alts, in the medium to long term anyway. Interesting times bro. Regards to r&m. If we cashen I'll be sending him some tips ;-) #goldencashening
AvgJoe2019
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Thanks for the concise overview, it is a relief to read logical threads without the emotional dribble. I always look forward to you and RAM (RiversAnd Mountains....lol...I think RAM is more suitable as RiversAndMountains is too subdued for that Man...:)). FYI, I have a Bitpay card as of a week ago BCH was added, not ETH, not LTC, but BCH, I almost cried from joy.
imkeshav
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@MarcKevinSwickle, Thanks a lot for the kind words. Means a lot and motivates me to make more charts
BCH being added to BitPay is super news!
RiversAndMountains
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Crazy that bounce volume yesterday was as high as blow off top volume was.
People are busy wasting their money on Litecoin while real Bitcoin sleeps.
ziomkes
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Bro what next in 2-3days? Big up or stay at the same price
imkeshav
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@ziomkes, Today was a very bullish turn out with huge volume so it can continue upwards, but in case there is some correction, it may go to $1200 and then rally up. All eyes are on BTC
theoriginalwelly
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@imkeshav, I think quite a few eyes are starting to turn to BCH! ;)