Bitcoin Cash - King of the Alt Coins by Far
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Bitcoin' Cash has been simply crushing the market over the past month period! Though it took a pause and traded sideways (as many equities do after large runs) it has clearly broken through its resistance level and looks poised to retest its ATH' in the next couple of months (or days in crypto time). Regardless of your personal thoughts on BCH' it is one of the hottest and most bullish of the blue-chips PERIOD!
Why is it the king of the alt coins? Well the market says so! #3 in market cap overall, and #2 does not compete in its target market which is cash transactions. Ethereum' is a contract based coin with a much higher coin count! XRP'? Again does not compete and has a huge coin count!
Bottom line it has twice the market cap of it's closest competitor Litecoin'. Though Litecoin' had a four year+ head start, trades on coinbase and has twice as many coins, BCH' came on to the field and pushed Litecoin' aside like that rookie out of college replacing the veteran quarterback. I am not the judge, the market is! I am only clearly stating the obvious. So hate all you want the market has spoken!
Quick TA':
1) The trend is the underlying factor and it is clearly UP! We have ridden the trend since $300+-, nothing in the charts sends a bearish signal. Pullbacks happen in bull markets like price runs in bear markets, this one was no different.
2) The RSI' has remained above 40 which is what I look for in a bullish equity
3) The EW count is about as clear as it gets. My nephew can count these waves.
4) The Fibb levels have crazy targets, but I have learned over the years never to doubt the fibb!
5) Did I mention the TREND IS UP!
What's NOT to like here? The TREND IS YOUR FRIEND and I'm still riding this wave!
Keep in mind these targets are based on previous chart movements and fibb levels. It is always wise to take money off the table with the goal of being in your inestment for $0 cost or less. Eventually the frenzy will end, whether here, there, or at 15k. The pullback will likely be drastic to say the least, which will lead to market and price stability. This is when traders will wish they invested properly!
Why is it the king of the alt coins? Well the market says so! #3 in market cap overall, and #2 does not compete in its target market which is cash transactions. Ethereum' is a contract based coin with a much higher coin count! XRP'? Again does not compete and has a huge coin count!
Bottom line it has twice the market cap of it's closest competitor Litecoin'. Though Litecoin' had a four year+ head start, trades on coinbase and has twice as many coins, BCH' came on to the field and pushed Litecoin' aside like that rookie out of college replacing the veteran quarterback. I am not the judge, the market is! I am only clearly stating the obvious. So hate all you want the market has spoken!
Quick TA':
1) The trend is the underlying factor and it is clearly UP! We have ridden the trend since $300+-, nothing in the charts sends a bearish signal. Pullbacks happen in bull markets like price runs in bear markets, this one was no different.
2) The RSI' has remained above 40 which is what I look for in a bullish equity
3) The EW count is about as clear as it gets. My nephew can count these waves.
4) The Fibb levels have crazy targets, but I have learned over the years never to doubt the fibb!
5) Did I mention the TREND IS UP!
What's NOT to like here? The TREND IS YOUR FRIEND and I'm still riding this wave!
Keep in mind these targets are based on previous chart movements and fibb levels. It is always wise to take money off the table with the goal of being in your inestment for $0 cost or less. Eventually the frenzy will end, whether here, there, or at 15k. The pullback will likely be drastic to say the least, which will lead to market and price stability. This is when traders will wish they invested properly!
Nota
We broke through the "B" wave high and retested that level. I would like a stronger RSI here but it seems to be holding the 50 level which is what I want to see.Nota
Talk about crushing it! Nota
I am shocked at how slow these exchanges are! Talk about needing to upgrade! Ridiculously slow and locks upNota
Keep in mind this is what I would consider a fundamental shift for BCH so it's not clear. We sold some and bought back, though I about threw my computer out of the window after Bittrex double ordered me. Idiots all the money they make and we can not have a descent exchange. Can someone call nasdaq up and have them buy Bittrex! Regardless we could still correct further but I believe this is bullish in the short term. I'm holding my core and I am looking for better trade setups like DASH!
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