It seems there is a new kid in town. Bitcoin Cash. In his first day at school he surpassed everyone’s expectations. He is clearly not to be taken lightly.
BCH was supposed to a sideshow. A freak of nature to be looked at politely for a brief moment and then relegated to the history books. But it did not work out that way. Instead it opened trading at $600,000. Of course it fell quickly from that lofty peak and finally found support ~ $130. Members of our char community were selling at $200 and thinking they had locked in a great price on a gift from the gods.
But within 21 hours it surpassed $800 on kraken and even more than that on other exchanges. Profit taking ensued of course, driving prices to a 66% retracement. So, what is next?
The conclusion is that I am quite optimistic about this coin from a TA point of view. I see a $1100 target being reached perhaps as soon as today or tomorrow.
Truth be told, I was not expecting the chart to look bullish. In fact, I am a bit surprised. The overwhelming chatter in our chat community pre-supposed that BCH was destined to be a junk coin. IMHO it is clearly demonstrating that it is not a junk coin – it is more likely a contender for the heavyweight crown.
Price target? The 3rd arc is a short term target at ~ $1100. The 5th arc is a longer term target, and that target is ~$1800+.
What a pleasant surprise for those fortunate enough to have been awarded these coins for free.
Remember: The author is a trader who is subject to all manner of error in judgment. Do your own research, and be prepared to take full responsibility for your own trades.
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