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Plainly put, 2018 was a year to forget for the world’s leading ASIC manufacturer, Bitmain. While prices fell across the board, not only did Consensys resized and re-calibrated their plans but Bitmain was forced to put off what they had previously dubbed as the largest digital asset mining facility in the US. But, in reality, a megalith like Bitmain can’t be dismissed for their lack of resources.

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At one point the firm had control of over 80 percent of the world’s ASIC chipset and are actively readying for an IPO at the Hong Kong stock exchange. However, things took a turn for the worse and with Jihan Wu’s decisions became a liability, costing the company millions or even billions of dollar. Losses were even amplified by free-falling prices, the board decided to boot him as CEO of the plan.

Coincidentally, this announcement seemed to have steadied BCH prices and although erosion has been deep, it is likely that the mega-valuation of late 2017 is distant and even impossible. We can’t dismiss the possibility of a rally but that will happen if and only if there are unexpected fundamentals that would draw immediate demand propelling prices to new highs.

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In the meantime, Cobra—the founder of Bitcoin.org, is worried about Jihan Wu’s inactivity in Twitter and other social media outlets.

All the same, BCH is steady and poised to expand their gains in coming days. The coin is perched at fifth and up 1.2 percent in the last week against the USD. Encouragingly, candlestick arrangement as well as favorable developments from other factions—not Bitmain, could help catalyze prices from these lows.

From the chart, it remains clear that the 97 percent drop from 2017 peaks must be followed by a correction. However, while ordinary assets would recoup 30 percent of those gains placing potential retests at $1,000 level or thereabout, such is unlikely considering BCH internal wars and reduced investor confidence.

Instead, we may see prices breaking off the 13-day consolidation from around the 61.8 percent Fibonacci retracement levels as bulls are triggered at $150. After that—and assuming there is a spike in market participation with volumes exceeding current averages of around 30k, aggressive traders should aim at $230 or Dec 2018 highs.

These targets are modest and adhering to Fibonacci retracement as well as extension rules, $230 as the first target is not farfetched. If things pan out alright, then there is a chance that BCH will not rally above $230 but lead to a retest of $400 in the next two months.

All Charts Courtesy of Trading View – BitFinex

Disclaimer: Opinions are those of the author. Do your Research.

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