BTC is currently on a price run testing resistance. All markets have rallied with the exception of BCH which is currently finishing off leg E of ABCDE continuation pattern of the 2-week triangle and theoretically is on deck for a price run. Using fibonacci retracements and extension tools, we can calculate target prices of 3485-3566 (TP1) and 4115-4214 (TP1).
Below the price chart, illustrated is altcoin dominance. XRP and ADA are currently on a downtrend, ETH has just finished off a rally, and the remaining alts (sans BCH) have benefited from a global altcoin rally. Essentially, money should soon (if not already) flow from other alts and BTC into BCH.
We also have a new printed CBI2 signal (a measure of Bollinger band volatility ) which has been a good indicator of imminent future price action. Now would be a good time to consider a position in BCH.
Below the price chart, illustrated is altcoin dominance. XRP and ADA are currently on a downtrend, ETH has just finished off a rally, and the remaining alts (sans BCH) have benefited from a global altcoin rally. Essentially, money should soon (if not already) flow from other alts and BTC into BCH.
We also have a new printed CBI2 signal (a measure of Bollinger band volatility ) which has been a good indicator of imminent future price action. Now would be a good time to consider a position in BCH.
Komen:
Trend looks good. Here are your local buy-in levels.
@arrie1992, I think eventually it will be bitcoins true competitor, in price of course.
Balas
@arrie1992, The 2800 peak was a 5.618 extension of the wave before it's breakout, the 4600 peak maybe the wave before the breakout, and it's 5.618 extension is 15k...
So maybe by the end of the month we could see a run.
So maybe by the end of the month we could see a run.
Balas
@arrie1992, I think a big reason for it being BTC's major competition is because it's Bitmain's baby and they hold the keys to the SHA-256 coins with their manufacturing and farms. Bitmain can pull the plug off BTC mining whenever they feel and drop the network down dramatically. Bitmain wants BCH to be successful, therefore it will. They also have the power to manipulate that coin dramatically, which they've done once for sure but maybe twice too (where Coinbase got blamed for the last spike). I agree with Mike there
Balas
Balas