Cryptoland
Time to turn bullish on BCH again!Bitcoin Cash has been lagging the market, making me turn bullish.
Personally I don't really like BCH, however, I believe it provides a better risk/reward than BTC.
Fundamental
Last trade idea I had on BCH was a short.
As I wrote on that idea I turned bullish on 6 December and switched my XMR position to BCH.
If you want to see my entire cryptoportfolio you can check out my website: kryptokelly.com/portfolio :)
So why have I turned bullish?
For starters the ratio between BTC & BCH has changed a good amount since last. (0.145 vs 0.0097).
And I believe Bitmex has already sold their BCH to the market. Coinbase is left but I would think that has been priced into the market now and much of the reason for the BCH lag.
We see some exchanges embrace BCH, and it got a large following including name recognition. While there is no reason to be superbullish on BCH, I believe it to be a good buy in this area.
Technical
It looks to me like the last run completed an impulse wave followed by an ACB correction.
Now we have gone sideways for a good amount of time while the rest of the market has jumped up!
The hard floor on BCH is 300 USD. If it was to reach 6000 USD that would be an 20x increase which is close to normal when it comes to cryptoland.
I am looking at the area between 1.618 (4345 USD) & 2.618 (6847 USD). That's where I will be looking to switch out my BCH with another coin. Updates will follow :)
There should also be pretty heavy resistance in the 2755-3000 USD range, so that's an area to keep an eye out!
