The journey to parity...(BCHUSD-BTCUSD)
This chart shows the difference between the USD value of BTC and BCH. There is a clear trend and BCH looks set to close the gap as it bumps up against an overhead trend line.
This chart studies the magnitude of a previous move and used those proportions to hypothesise the magnitude of time and price of a possible move to the upside.
January is massive for Power Ledger, Las Vegas CES, Richard Bransons top tech co.s, Doctor Gemma Green (co founder and chair) speaking at an event parallel to the World Economic forum in Davos...
Comparing this sharp wave down Ive found it's of a bigger scale than a similarly sharp wave down in mid June. Some possible targets sit in the 370-380 area. With the volatility of liquidating longs and margin calls on BFX (as seen a few days ago) it cant hurt to have some bids in that zone waiting for another possible spike.
Looking at similar waves patterns in the charts and studying these channels It certainly looks like we are headed lower after a possible bounce to the 550-555 area. Targeting 490 to take profit. (a number that keeps popping up in this and other fib studies)