Bitcoin Cash skyrockets
Unity is restored among the top 10 assets- over 24 hours, most coins showed growth between three and six percent, with Bitcoin slightly behind. Only Bitcoin Cash violates this harmony, increasing by another 15 percent. Two pieces of news are helping the coin overtake the market. First, the hard fork coming up on May 15 which implements an improvement code which promises to “avoid risks of network congestion.” Second, one of the largest mining pools, Antpool, began to “burn” 12 percent of received commissions, sending them o a wallet to which no one allegedly has the access.
BCH/USD
For a long time, Bitcoin Cash has not drawn any attention, having fallen eight times compared to its maximum values, which is a real catastrophe for a top asset. Moreover, we have repeatedly pointed to the speculative character of the coin. Due to its concentration in the hands of miners and Mr. Roger Ver, the coin’s rate has often escaped the laws of the market. And now, having hastily prepared a few news triggers, the patrons of BCH decided to prove that the most infamous offspring of Bitcoin is not an empty promise.
After reaching the $1,300 mark, the asset already looks extremely overbought. Although recalling previous moments of the coin’s triumph, we allow that growth may continue up to $1,385 where a strong resistance level is located, as well as the 1.618 Fibonacci expansion.
Nevertheless, a correction from current values seems more reasonable. The target range for the decline is $1,150-$1,200, at least. The fallback of the price to this level will not break the parabolic curve and will not break the logic of growth. However, the asset can’t continue to move at this pace for any length of time, so we vote for a deeper dip- down to $1,080 will be just right.
Check the full crypto analysis HERE
BCH/USD
For a long time, Bitcoin Cash has not drawn any attention, having fallen eight times compared to its maximum values, which is a real catastrophe for a top asset. Moreover, we have repeatedly pointed to the speculative character of the coin. Due to its concentration in the hands of miners and Mr. Roger Ver, the coin’s rate has often escaped the laws of the market. And now, having hastily prepared a few news triggers, the patrons of BCH decided to prove that the most infamous offspring of Bitcoin is not an empty promise.
After reaching the $1,300 mark, the asset already looks extremely overbought. Although recalling previous moments of the coin’s triumph, we allow that growth may continue up to $1,385 where a strong resistance level is located, as well as the 1.618 Fibonacci expansion.
Nevertheless, a correction from current values seems more reasonable. The target range for the decline is $1,150-$1,200, at least. The fallback of the price to this level will not break the parabolic curve and will not break the logic of growth. However, the asset can’t continue to move at this pace for any length of time, so we vote for a deeper dip- down to $1,080 will be just right.
Check the full crypto analysis HERE
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.