Technical Analysis Daily - 27th Nov, 2017
Disclaimer: I am not a registered Financial Advisor. This is not a solicitation to buy or sell. This is purely an academic exercise and any action taken by any one on the basis of this post is not my responsibility.
In this Technical Analysis Daily, I will present the Technical view of top 5 cryptocurrencies by market Cap. Today, we will gain a Technical perspective of Bitcoin Cash, which has seen a huge run-up recently.
Bitcoin Cash
Technical Analysis
The chart above is the daily chart of Bitcoin Cash. We witness a clear rounding bottom on the charts from Aug 20 to Nov 10. The rounding bottom has a low of $ 304 and a high of $ 894, which is the breakout level. The breakout had a target of (894+590) = $ 1484, which was easily achieved.
Price Prediction & Targets
For a medium term target, we analyse the same chart on a log scale (in terms of percentage). The rounding bottom has a low of $ 304 and a high , which is the breakout level of $ 894. That is a return of nearly 3X, which gives a target of 894*3 = $ 2682. The rounding Bottom took nearly 3 months to complete. Generally, a rounding bottom target is achieved in roughly the same amount of time. hence the target of 2700 Dollars is likely to be achieved by the end of February 2018.
At a price of roughly 2700 dollars, we are looking at a market cap of 45 Bn Dollars.
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STOPWhat do you guys think of the intestine war going on between daddy BTC and his son BCH ?
BCH's scalabity up to 8 MB sure makes it interesting for heavy exchange but that's not the matter.
It is known that small BTC pools are switching and even merging on BCH. What will happen if the larges asian pools would follow ?
While BTC will attein his 10K USD$ symbolic stage soon and making investors frenzy, isn't BCH silent before the bloodbath ?
It remembers Anakin challenging Master Kenobi hehe
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