Long Bitcoin Cash
Updated
Bitcoin Cash's upcoming fork will stabilize its hash rate giving end users consistent transaction confirmation time. Bitcoin Cash will be well positioned competitively with the BTC blockchain by the Nov 17th Segwit 2x fork.
There are a lot of bullish signs in the price history from looking at the graph. The fib levels give clues to future resistance levels on the way up. The price has already retraced the entire move from $294 to $972. Don't forget many BTC holders immediately sold their Bitcoin Cash thinking it was "free money". The price has already bottomed out and stabilized from the dump caused by the initial distribution to all BTC holders.
You will not be able to move your forked BTC on Coinbase during the 2x fork. support.coinbase.com/customer/portal/articles/2892985-segwit-2x-faq
Many other exchanges have similar policies. The crypto market will not just pause though. There are plenty of other alternate cryptocurrencies to use during this time. Bitcoin Cash is well positioned to be one that many people may pick.
There are a lot of bullish signs in the price history from looking at the graph. The fib levels give clues to future resistance levels on the way up. The price has already retraced the entire move from $294 to $972. Don't forget many BTC holders immediately sold their Bitcoin Cash thinking it was "free money". The price has already bottomed out and stabilized from the dump caused by the initial distribution to all BTC holders.
You will not be able to move your forked BTC on Coinbase during the 2x fork. support.coinbase.com/customer/portal/articles/2892985-segwit-2x-faq
Many other exchanges have similar policies. The crypto market will not just pause though. There are plenty of other alternate cryptocurrencies to use during this time. Bitcoin Cash is well positioned to be one that many people may pick.
Note
I am waiting for BCH to bottom out to re-enter my position. When the price stops dropping I would not wait long to get back in. I wanted to point out that we are currently experiencing one of the largest sell offs of BCH. Even in August when it was given out for free was it not so heavily sold. Segwit2x is most likely dead in the water but what would happen if out of the blue Segwit2x (with no replay protection) was back on? BCH would dip hard because BTC would have a scaling solution. By waiting till segwit2x is dead to get into BCH, you are taking on less risk, thus the price of BCH will probably be higher. I think some businesses/investors are waiting to confirm segwit2x is dead before looking for BTC alternatives.
I see anything below $1000 as a good entry on BCH. I think BTC will rally until Segwit2x is confirmed dead (right now Coinbase is still listing 2x coins as possibility). BCH will do the opposite of BTC. There are business and companies that were waiting for BTC to have a scaling solution. Nov 17th might be a non-event but I think it will be an inflection point for companies that need a cheap and fast Bitcoin now, not next year.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.