Perhaps I was euphoric in my previous post, as BCH appeared to have broken $2000 with ease. However, after the third attempt failed around 0 o'clock UTC, it crashed (I thought that time would be successful but it's understandable that failing to truly break $2000 the third time would lead to a drop).
There are three possible scenarios that I see. Very easy to understand where I'm coming from by looking at the chart. The orange lines are Fibonacci levels that were previously / currently resistances & supports.
My personal take on the probabilities is 1 > 2 > 3. However, even in scenario 1 there could be some correction if it reaches $1860-1880.
Komen
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Even though another two attempts failed, BCH still manages to stay above the trendline (in scenario 1). This trendline itself is very attractive.
Komen
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Well, we may have broken down to scenario 2 now. Despite community support, BCH doesn't have the market access or the hype of BTC.
Komen
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Previous resistance may become new support ($~1860). Let's see
Thank you for your analysis.
The potential for price increases still exists,
I think it's hard to expect a short-term rise in price.
Contrary to expectations, BCH seems to want to be undervalued. :|
astrologychick
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Still bullish
DrJLT
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@astrologychick, the market is bullish, and almost everything is bullish :)
astrologychick
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@DrJLT, Not necessarily. So far, whenever BTC dumps so do all the alts.
DrJLT
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@astrologychick, that's true, but BTC's dumps are very short and BTC is extremely bullish, too.
The potential for price increases still exists,
I think it's hard to expect a short-term rise in price.
Contrary to expectations, BCH seems to want to be undervalued. :|