When I finally gave in and bought Ethereum back in the middle of November, I was naturally concerned about creating some kind of Top Tick Tim effect. How relieved I am that, three months later, $ETH is up about 250% from when I first made my nervous little announcement, and I’d like to step on the same limb today with respect to something different: Bitcoin Cash.
This creature, which is accessible in SlopeCharts by way of the not-very-polite-sounding symbol $BCH, looks like this at the moment:
That chart shows its entire price history. Let’s take a closer look at the part which interests me, which is this marvelous right triangle pattern. If it can manage to cross $620, I’d say we’re off to the races.
What’s curious to me is how badly Bitcoin Cash has underperformed relative to Bitcoin itself. Yes, they definitely track one another, but you can see the enormous gulf that has been created between $BTC and $BCH. Will Bitcoin “catch down” or Bitcoin Cash “catch up”?
We could be in for a bit of weakness short-term, however, judging by Bitcoin. This crypto nailed, and I do mean nailed, its Fibonacci retracement last night.
Once it can digest recent gains, however, the exciting prospect is to push past the aforementioned retracement level and set sights on the new one, which is way up at about $73,000 per coin!
