BCH / Bitcoin Cash looks doomed

315 9
BCH is in continued downward channel vs BTC and looks doomed both traded against BTC and USD. The pump and dump pattern continues.

On a side note it is interesting to notice that companies that pushed BCH have run into financial and or technical problems ... Coinbase, BitClubNetwork, Genesis-Mining to name a few.
Apr 01
Comment: ... continues to fall further after every pump ...
If I see a formation like this, namely a falling wedge in the shape of an ABCDE correction, I would get bullish actually. :p
bmw_b RustyRue
@RustyRue, be careful I see it being a pump followed by another dump. They know if it stays within the channel it is doomed, especially now that Lightning on Bitcoin takes off. There is really no raison d'etre for a copy with no added benefit.
It's time to go up. Not down..
bmw_b LesleyVisscher
@LesleyVisscher, the Winkelvoss twins are rumored to add BCH to their exchange. Reason? At the fork they inherited a large amount of BCH thru their BTC holdings. Best way to sell BCH is on their own exchange and earn exchange fees on top of it instead of paying fees to someone else ...
@bmw_b, great news
I don't know. I'm cautious about being too bearish. It will be a long time before we know if on chain scaling works, but problems with segwit or lightning network can now emerge at any time. There has been so much negativity around this coin, and that pessimism is bullish.
On a risk reward basis if there are problems with segwit or lightning the shift to BCH could be swift, as problems with segwit or lightning will be bad for litecoin too.
+1 Reply
RustyRue Doji-Star
@Doji-Star, interesting view on the matter! I'm holding a bit bch, just in case of a possible scenario you describe.
jbutler7 Doc-al-Citadel
@qdoc, flappening
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