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?

BCH

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.

Happy trading!

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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Categories: Bitcoin

3 Comments

Hans Philip Eide · August 6, 2017 at 6:21 am

For real, based on 2 days chart data (when article written). I sure hope people did’nt follow this tip!

    Jim · August 6, 2017 at 6:43 am

    Time will tell. I am still of the opinion that this coin is likely to out-perform. I am buying it though I can understand why that is difficult for some to understand. We will see in a few more weeks if that is a wise decision, or not. Having said that, you are doing the same thing you accuse me of – you are making a decision based on, in your implied opinion, way too little data to make an informed decision. IMHO, we DO have enough data to make a decision. But since you imply that we do not, one might wonder why are you making this statement.

    I suspect my publicly stated win/loss record is higher than yours. However, I am always keenly aware that I might be mistaken in all my forecasts, including this one. Time will tell.

Hans Philip Eide · August 6, 2017 at 3:52 pm

I did´nt mean to be disrespectful, just to give a critical voice. So I apologies if you heard me so. Bitcoin Cash just now is very clouded, maybe more than any other new coin release. But who knows it really might be the Bitcoin overtaker. But huge profites as soon as in the next few days/weeks, thats a gamble in my eyes.

I’ve been trading crypto currency since january. I bought ETH and sold them for XRP and Lumens in mid april. I do most holding since I still have a lot more than I started with, and are afraid to miss the next take off. So I am very much inexperienced, I’m not a measure at all. Though I have some technical experince and I use Ichimoku cloud, your blog and tradingview to try to understand as much as I can. Your blog is very helpful. I visit it every day.

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