As I mentioned I am not as bullish on Bitcoin' Cash as I am with Litecoin'. Though we have rebounded from the low in a bullish leg I am not seeing any reason to go long here and I believe the RSI is telling the tail. But first let us take a look at some other fundamentals.
Transactions last 24 hours LTC' = 65,308 BCH' = 20,080 Point LTC'
USD' Sent Last 24 hours LTC' = 1.4 Billion BCH' = 300 Million Point LTC'
Block Time LTC' = 2'-20" BCH' = 9'-25" Point LTC'
I mentioned in a previous article that LTC' was simply an everyday used coin, and the facts clearly support this. Aproximately 60 million is sent every hour in LTC' vs 12.4 Million of BCH'. Now this does not mean that I have given up on BCH' or think LTC' is a superior coin. I only look at the facts and say what you want to say, more people use LTC' the BCH' period. Litecoin' has almost four times as many active addresses as BCH' does. Sure you can say that Litcoin' has a head start, but this is simply an excuse. First to market, market penetration is an important determining factor when investing. Now it is not the only factor and the road to zero is paved with first to market products, but it often results in a First Mover Advantage (FMA) which can be an advantage. In addition who can honestly say they use Bitcoin' cash more than Litecoin'?
BCH' is recovering along with the rest of the market, but the RSI' is telling us it is not as strong, as it hovers just above 50. 1810 is the 1.0 extension of the previous bull move off its low. A break of the 2120 level (the 0.618 retracement of the previous leg down) would increase the likely hood we target the 2800-2900 longer term level. However a breakdown of 1100 may result in double bottom. Though it sounds like I am taking both sides of the trade here, I am simply stating that there are better trade setups elsewhere and I do not see anything here that screams buy. I am more likely to sell at 1810 and see how the market reacts on a pullback then want to buy a pullback. Bitcoin' cash has a history of trading sideways before rallying and we are likely to see BCH' range bound while other coins continue to rally.
so did charlie beat roger ver in the twitter battles? :P
Kpler
⋅
@Rastiazul, Yes he did charlie is always on twitter lol
Box1515
⋅
@janor123, LTC is still lacking in the marketing department, but the recent confirmation/endorsement of LitePay has the potential to be a big deal for LTC beyond the recent bull run it already fueled. It was also just mentioned on CNBC's Fast Money again and if friends and co-workers are any indication, Joe Everyman is basing his crypto investments entirely on what the TV personalities are telling him to invest in. :p
@janor123, the market has trumped my opinion and the advent of litepay is a step in right direction. Let’s see if it can continue
IkemenJ
⋅
Yep, BCH made a very short-term design decision to increase block size. Do they plan on repeating that every time they hit scaling issues? Eventually the block size increase solution will break down and become untenable.
They were probably hoping for a quick grab of bitcoin's user base with cheaper fees. That failed and now bitcoin is resolving it's scaling issues for the short term. Litecoin has continued to follow bitcoin's design philosophy and will reap the benefits going forward. BCH seems like a dead man walking at this point. I'll probably wait for it to 4x from what I paid (should still happen since it's coinbase listed) and dump it.
yvofox
⋅
@IkemenJ,
How is bitcoin core resolving the scaling ussues shortterm? Lightning is far from ready at this point I believe.
You need to run a lightning node to check your channel aswell