If the crypto market was an Avenger's moving, $BCH might be Thanos. Meaning, $BCH might have the power to blow up the crypto planet.
There is one smart person in particular that we talk to who thinks an implosion in Bitcoin Cash (BCH) could dramatically hurt the whole crypto market. We had not paid much attention to that until now. Reason: There is a head and shoulders top on the $BCH 2D. The theoretical downside target is $.50.
Looking at the BCH chart at the granular level, there is a crucial Fib speed resistance line near 180. If BCH gaps down below that line, there could be a crash in BCH and crypto that mirrored what happened off the BCH fork.
Bottom Line: A gap move below 180 in BCH could be devastating. We don't want over indulge in hyperbole, be the confirmed head and shoulders top forces us to take mega bearish scenarios seriously. On the bright side, we do think a dramatic decline in BCH might make way for other Bitcoin (BTC) alternatives to rise. Decred (DCR) is one we track closely.
There is one smart person in particular that we talk to who thinks an implosion in Bitcoin Cash (BCH) could dramatically hurt the whole crypto market. We had not paid much attention to that until now. Reason: There is a head and shoulders top on the $BCH 2D. The theoretical downside target is $.50.
Looking at the BCH chart at the granular level, there is a crucial Fib speed resistance line near 180. If BCH gaps down below that line, there could be a crash in BCH and crypto that mirrored what happened off the BCH fork.
Bottom Line: A gap move below 180 in BCH could be devastating. We don't want over indulge in hyperbole, be the confirmed head and shoulders top forces us to take mega bearish scenarios seriously. On the bright side, we do think a dramatic decline in BCH might make way for other Bitcoin (BTC) alternatives to rise. Decred (DCR) is one we track closely.
