2018-8-17 18:54 |
Overly, Bitcoin Cash should be on its way to the moon if we base our analysis on fundamentals. Vitalik is recommending Bitcoin Cash for payment and Bitmain’s Wormhole protocol is due for implementation gifting the platform smart contracting capabilities. Regardless, BCH is down 13 percent on a week over week basis but is recovering adding two percent yesterday. Still, we remain net bearish as long as prices are below $600.
News HighlightsBecause Bitcoin is Cash, Vitalik Buterin, Ethereum’s figurehead believes cryptocurrency should dominate regular and small scale form of payment—just like cash. After all, most cryptocurrencies were created solely to act as an alternative to fiat which continues to be plagued by calls of manipulation and even flat out deliberate depreciation through hyper-inflation or attacks—refer to Iranian situation and what happened in Zimbabwe for example.In his own conclusion he said the hype element is actually threatening the blurring the main objective of blockchain—which was user case, controls and privacy. At the moment, there are more people talking about price dips than there are using the coin.
Speaking in a private event Vitalik said allowing small time spending of crypto as Bitcoin Cash is not only valuable for the specific blockchain user case but its reverberation would spread beyond that. According to Vitalik, if there is a bridge of the user case gap and more people start spending cryptocurrencies, then the over-all market would likely balloon beyond the $200 billion mark it is at the moment.
Other than these supporting remarks from Vitalik, Bitcoin Cash is right on track and sooner or later we might see the implementation of the Wormhole protocol. This protocol was first proposed by Bitmain, the ASIC manufacturer and once it is live, the platform would have smart contract capabilities allowing for tokenization of assets.
Bitcoin Cash (BCH) Technical Analysis Weekly Chart Click here to see the full Bitcoin Cash Weekly Chart by Trading ViewAs seen from the chart, there is a little bit of resistance for lower lows but that doesn’t mean our sell projections have been quashed.
In fact, these kinds of price revivals are common place and happen often after periods of extended gains or losses. In our case, Bitcoin Cash printed as high as 35 percent week over week sometimes last week but encouragingly for coin holders, losses have been contained and compared to last week, prices are steady but down 13 percent.
Needless to say, we recommend shorting on highs in lower time frames with key resistance lines at $600. The reason for this stand is clear: BCH is trading below multi-level supports following that dip below the 12 month support trend line at around $750 and most recently that close below $600, the main support line and 2018 lows last week.
Daily Chart Click here to see the full Bitcoin Cash Daily Chart by Trading View
The simple fact that prices are trading below our sell trigger line and main support line at $600 means our bear break out pattern set rolling by June 12 and 22 bear candlesticks is live.
Additionally, price action is now below the 30 day $250 trade range with lower limits at $600 meaning this is yet another break out trade.
Now, in line with our previous Bitcoin Cash analysis, I suggest selling on highs in lower time frames with first targets at $300 with stops at $600. Any price thrusts above $600 invalidate this trade plan.
Ethereum, Cardano, Ethereum Classic, Monero, Tron Technical Analysis August 17th
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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