Bitcoin Cash - The road to 10K. Technical Analysis
One thing should be clear, this road will be long and NOT a straight line. Patience and a sound money management strategy is critical. This chart is a long-term chart, it will be great if 10K happens in 2018. However, I do think we will NOT see 3 digit prices (below $1000) again. But if they do, I will grab as much of BCH as I can.
I first published this chart on twitter when the price was $731 and BCH did more than 2X since then. How cool is that?
This is my most popular and controversial tweet till date. The core trolls went ballistic, if only they put money in place of their big mouths. Can't wait to hear from them when we reach 10K.
I've always considered that Bitcoin Cash is following the same path as Bitcoin in terms of the price but at a much must faster pace. So while it is difficult to predict the "All Time Highs" (ATH) for BTC, we know the ATHs of BCH - It would be the same milestones that BTC reached - 1k, 5k, 10k, 20k
Lets look at the fundamentals
- It has the 4th highest Market Cap now, 3rd if you filter out non-mineable
- 80% of the Max supply is already mined. There are less than 4 million coins to be created. Comparatively Litecoin has 66% mined and Dash has 44% mined
- Second most expensive Crypto in price. First being BTC. With only a few million to be mined, people will soon be desperate to hold onto their BCH
- Merchant adoption and innovation on BCH has been phenomenal in the last few weeks - BitPay, miniPOS, CoinText, tipprbot, memo.cash, blockpress
- The hash rate has been increasing steadily in the last few months. Link
The most exciting and promising thing about BCH is the innovation and merchant adoption that is happening, this is how Bitcoin originally started and did below the radar before it was discovered by all the speculators out there.
Behind the paywall
I will include the following charts and analysis behind the paywall. I'm very grateful for your contributions and they fuel my spirit to write more and provide value. However, do let me know if the free + paid content does not add value or helped your learning and I will be happy to refund (Tweet @imkeshav)
- I will add more details and visual cues to the above chart to make it easy
- I will also validate the above chart and the bullish trend using Elliott waves
- There will a mid-term chart with channel resistance
- I will also include BCHBTC chart to give you a perspective
- My long-term and mid-term investment/trade strategy
Disclaimer: Please do your due diligence before investing in cryptos. Trading is much more complicated than investing and my observations are more tailored for the latter with a mid to long term view. In the market you are right until you are wrong. Have a good strategy in place and protect your CAPITAL always.
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