BCH breaking below 1,170 support level . Next support at 1,000-1,050.
Looking at how long BCH has been consolidating around 1,300, i think it is ready for a takeoff after hitting support at 1,000.
If it breaks the 1,000 support, next support will be at 900-800. And I don't think BCH will go below 800 after all the accumulation above 1,000.
BTC/BCH correlation:
If BTC -1.00% doesn't break resistance around 7,400, we could see BTC -1.00% going down again, maybe testing 5,500. This would result in BTC'->BCH sell off and it could catapult BCH up to 2,800 resistance level again. If it pushes through 2,800 resistance, we could see BTC going below 5,500. From that point anything can happen.
I have no idea which one will be the first mover, but as long as they continue to move in opposite direction it doesn't really matter.
So far the BTC/BCH correlation has been a perfect hedge, and right now BCH is looking alot more bullish Imo.
BCH has alot of potential. Magnified by all the problems BTC is having with high fees, and slow (insecure) transactions.
If true adoption is what will give bitcoin true value. I think it needs to do alot better. And i think BCH is ready to pickup where btc is now falling short. If BCH doesn't do it, other cryptocurrencies will!
This is a long-term trade. It can take BCH months with ups and downs in order for it to take a large portion of bitcoin's market-cap.
But if BCH pushes through 2,800, i doubt we will see these price levels again.
Leave any feedback if I missed something or you wanna add
Looking at how long BCH has been consolidating around 1,300, i think it is ready for a takeoff after hitting support at 1,000.
If it breaks the 1,000 support, next support will be at 900-800. And I don't think BCH will go below 800 after all the accumulation above 1,000.
BTC/BCH correlation:
If BTC -1.00% doesn't break resistance around 7,400, we could see BTC -1.00% going down again, maybe testing 5,500. This would result in BTC'->BCH sell off and it could catapult BCH up to 2,800 resistance level again. If it pushes through 2,800 resistance, we could see BTC going below 5,500. From that point anything can happen.
I have no idea which one will be the first mover, but as long as they continue to move in opposite direction it doesn't really matter.
So far the BTC/BCH correlation has been a perfect hedge, and right now BCH is looking alot more bullish Imo.
BCH has alot of potential. Magnified by all the problems BTC is having with high fees, and slow (insecure) transactions.
If true adoption is what will give bitcoin true value. I think it needs to do alot better. And i think BCH is ready to pickup where btc is now falling short. If BCH doesn't do it, other cryptocurrencies will!
This is a long-term trade. It can take BCH months with ups and downs in order for it to take a large portion of bitcoin's market-cap.
But if BCH pushes through 2,800, i doubt we will see these price levels again.
Leave any feedback if I missed something or you wanna add