Bitcoin Cash (BCH) Technical Analysis

Most alt-coins under our review are slowing down but not Bitcoin Cash. Regardless of the politics, we still maintain a bullish forecast and for confirmations, Bitcoin Cash buyers must push above $850.

From the News

The team behind any of the top 10 crypto must be made of steel and have a really thick skin. We have seen how Ripple enthusiasts got chopped by the Nobel winning economist Paul Krugman and worst still by the New York Times through their controversial journalist Nathaniel Popper.

All in all and made worse by their recent efforts to drive XRP into the mainstream and prevent traders from just speculating on its price and rather use it for everydays transaction, it was inevitable they would face it rough amongst critics. But really, according to Paul Krugman: If a digital currency isn’t actually used for any transactions, is it, you know, actually a currency?

We know the team behind BCH wants to make this it a mainstream currency and a medium of exchange of choice. By this, they mean fiat and BCH would in the future have the same liquidity levels of liquidity with crypto replacing them more so if governments decide to replace paper money with digital currency.

There are solid reasons to believe that of all the top 10 cryptos that draws the world’s media, Bitcoin Cash stands out. Not because of their fan base but due to that utility factor they emphasize on. Then again, BCH solves real world problems advocating the spirit of decentralization. Though not perfect, they are working towards perfection and many companies now accepts BCH as a payment method unlike Bitcoin for example which companies are booting because of high fees.

Bitcoin Cash (BCH) Technical Analysis

Weekly Chart

Here we can observe BCH lock-step increment since launch. A stair case to the moon because of those nice higher highs whenever there is a correction. At current prices, Bitcoin Cash is trending at the edge and any depreciation would definitely burst open the sell sluices inevitably pushing prices to $300.

Technically, for assurance, we must see some sort of price recovery and that means this week closing as a bull. That’s perhaps might help propel prices above $850 with every break out accompanied by high trading volumes.

Daily Chart

For clarity, we hold a bullish view following June 29-30 events and the reasons re simple: Prices have been edging higher. Now, while there has been a slow down after July 2 up-thrust, my suggestion for risk-off traders is to load up at current spot prices with stops at $640. On the other hand, conservatives should wait for strong moves above $850 and June 22 highs to initiate longs on every pull back. Over all targets is at $1,800 or May 2018 highs.

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

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