I'm fascinated by the battle between Bitcoin and Bitcoin Cash. I believe that in the medium term Bitcoin will lose a lot of capital to Bitcoin Cash as it grows and wider benefits of speed and cheaper transactions are realised. I expect in the short term, the continued growth of Bitcoin to break 10k and potentially reach 12k by 10th December, will hamper the speed of growth for Bitcoin Cash. Based on this I expect to see Bitcoin Cash fall to support at 1380 to provide a good value buy opportunity prior to big gains. I'm aware this may be optimistic but I' holding out for a bargain.
In the short term BCH has hit a double top and is currently in a minor dip. If we don't fall past current support of 1550, I'll re-evaluate with a view to entering a trade near current levels. Thereafter we're looking for a break through the triangle and a 100% increase at least. Target sitting at 4k around 10th December.
I still think this analysis is basically correct. I know u ta guys do it successfully most of the time... But from an fa pov you can't time market revolutions!!!
mayankjainmay
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Is it possible that it can go upto level of 4k in just 12days.?
kingretep
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@mayankjainmay, I'd say I feel somewhat sceptical about this analysis now. The dip that occurred yesterday followed by the current bearish trend didn't meet with any of the alts popping, as bitcoin holders convert to alts such as BCH. In previous occasions there have been moves to alts but the key moves here seem to have been into USD and USDT. In fact, if you take a look at Tether's market cap for yesterday, it shot up in both of the flash sell offs that occurred. Without much of a conversion to BCH. I'm not necessarily saying that BCH won't go to 4k anymore, but I think it will take longer, and won't necessarily be in correlation to a BTC decline. I was hoping to hold BCH as a 'hedge' (or as close to a hedge as you can get in staying within crypto) but it doesn't seem to be the case. So I'm in tether and USD waiting for buying opportunities now.