It was not to long ago that many people were calling Bitcoin a hoax. I specifically remember Kevin O'Leary coming on CNBC calling it a Hoax when it hit $1100 earlier this year and said if he could short it he would. How many others came on CNBC and other networks and called Bitcoin a hoax, a ponze scheme a bubble that was going to burst and it was not was not an investment? The likes of Marc Cuban, Jamie Dimon, and Ajay Banga to name a few, called bitcoin crony capitalism it will never last. Well since then Bitcoin soared to all time highs, and those that had the insight and knew this was the beginning of a transformation of barter and trade profited greatly.
Now a different group (the BTC' fans) fail to see the value in Bitcoin Cash as we posted many weeks ago. Refuse to think that anything could challenge their precious bitcoin. They call it a hoax, a ponzi scheme, a bubble that will soon burst and crony capitalism. Funny how history repeats. and the same that feared bitcoin, now fear BCH'. Same things said, different people all unwilling to see the potential of what I consider the original bitcoin!
So now that we made the comparison of how the public views bitcoin cash vs bitcoin let's compare the charts, but first I want to thank @jlhequities for posting a comparison of BTC' vs BCH' and providing the basis for this article.
It's hard to believe looking at the charts above that anyone could deny history repeats! Not only on the charts but with how people react to something NEW and BETTER! Yes BCH' is better than BTC' in many ways. I'm sure there will be some comments but this only proves my point more, as we saw with the bankers when they refused to accept Bitcoin was better than their methods of money transfer.
History repeats. It took BTC' 3 months and BCH' 3 weeks to top. But then both took a long correction where the haters appeared calling it a scam. Both finally bottomed with BTC' hitting $175 after 10 months and BCH' hitting $280 after 8 weeks. What took BTC' 3 years took BCH 3 months to get back to it's original top. The irony is the tops are almost the same. Now BTC' pulled back to the $700 range and we can expect (but not count on) BCH' to do the same as buying becomes exhausted here. The awareness phase. This should provide an opportunity to back up the truck for the next wave up, the 3rd wave. Now BCH' is on warp speed as cryptos in general are no longer under the radar, so it's great that we have not been losing our butts trading and have been accumulating cash. This is why INVESTORS ALMOST ALWAYS OUT PERFORM TRADERS! How many "Investors" sold their positions only to wish now they didn't? Well we should get another chance, but make note of this. DO NOT TRY AND TIME MARKETS WITH YOUR INVESTMENTS! This is for your trading portfolio and note I always separate the two! My goal is 100 coins. I have a goal, plan and strategy to get me there. I will add on the next dip, and then using my trading funds, trade around the core position adding to my principle position with all profits. It's the slow boat to china, but eventually we will get there.
Now notice we just completed wave 1 in the mid cycle. Wave 3 is where fortunes are made as was true for BTC'. This is where I am backing up the truck and adding to the long term position. I will also be trading dips on the side during wave 3. These are the easiest waves and most profitable by far. Many are finding out that wave 5's are difficult and we warned not to be trading BTC' here. Some are learning this lesson for the first time. Investors always win traders often lose. This is why the 70/30 portfolio is a must IMO'.
Now I need to be clear DO NOT SELL YOUR BTC'! I feel this will be a preservation of wealth like gold, but this does not mean BCH' will not become the means of money transfers. Yes I hear Korea, China, they are buying BCH. Umm Aren't they the largest trading countries in the World? Follow the money!!!
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For those that do not like to read the analysis I have added this chart.
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Ok I did not expect that last night and had I been up and caught $2800 I would have definitely shaved off a little core to buy back. But this would have been a short trade and by my rules I MUST buy back like I was margin trading. You could have also sold 1 coin for every 10 and been in the remaining core position for like $50 a coin. I did not expect this but for the future these are both valid uses of the core positions. I just have never seen it happen that fast. Here is an updated wave count. The color trend lines are correlated with the fibb numbers. At this point we can consider a full correction as in the long term it corrected to 0.618, but it happen so fast we could see a further correction but I would not count on it. Right now it's a wait and see what happens. I will never post a rocket on a chart again I think I jinxed us!!
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I thought originally we were in a fractal and would have 5 medium waves up to the level we hit almost to the number, but the fractal was actually the medium term wave. Medium term in cryptos is 72 hours I guess. WOW
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To be clear a break below $987 would require a revision to the count and it would only signal that according to EW we are going much higher. But keep in mind we have to monitor BTC. If BTC changes something fundamentally like increases to 8mb block sizes then this could have a fundamental effect on BCH pricing and could cause a selloff. Unfortunately the powers that be seem to be manipulating the news to line their pockets!
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Note that BTC retested it's channel and failed at the same time BCH broke it's down trend. Also note how BCH for the most part held 40RSI and BTC failed to break 60. Bulls trade between 40 and 80 bears between 20 and 60. Keep in mind there is the fork today so if you are trading be careful!! All 3 HMA"s are sloping up, this is something to monitor along with the RSI if your trading!
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Also look at the 1.618 extension. I took a quick look at Dian's chart and she has a target of $3200. So let's see if we fall somewhere in between and find parity with BTC around the same level.
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The 1.618 for BCH and the .786 for BTC's 5th wave are almost equal. How I love it when numbers line up!!
if BCH takes over BTC will transactions fees also rise? I just had to pay $10 to transfer BTC from wallet to exchange - that's a killer (and not in line with the original vision)
@SuperMegaMarvellous, as someone in the technology field I'm following the underlying technology of various coins closely (it underpins my investments - so there's motivation!). Those behind Bitcoin Cash seem fundamentally concerned with your question as well hence the initial 8Mb increase and they have bigger block sizes in the pipeline. I don't believe they'll let that happen & if I get time I may prepare a lengthier post on the many reasons I see Bitcoin Cash succeeding in the long term. There are still contenders at the table of course.
ArthurOliveira
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Why so many people are saying "BCH is centralized, and so it is a SCAM"?
BTC is centralized too, what's going on?
HamadaMark
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@ArthurOliveira, because of they missed the train so when people missed train they say the driver is stupid
@ArthurOliveira, BTC is less centralized then BCH at this time, but as miners switch it will become more. At least that is what I understand.
janor123
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It seems at this point bitcoin is more about branding and marketing than the underlying tech. If it were about the technology, then BCash wouldnt be worth more than a few hundred dollars.
The increased block size solution is nothing new. BCH is basically just a newer and less adopted version of Dash. Dash as you know and have mentioned in the past is already more widely accepted for payment processing than even bitcoin, already has a 2 MB block size (which is a lot relative to its usage), and its roadmap includes plans to increase the blocksize to a whopping 400MB.
The decision for a blocksize increase was made by the Dash stakeholders within 100 hours instead of months of infighting.
If people want lower transaction fees by compromising on decentralization, there are plenty of options out there...Dash is just one example.
By the way, a new difficulty adjustment is coming soon for BCH...BTC is estimated to be more over 3x more profitable to mine in about 2 days.
My thoughts are that miners will always follow the money. And these diffuculty adjustments will just lead to more volatility in the price of Bitcoin cash. fork.lol/
fishj92
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@janor123, I do agree with you there. Bcash doesn't seem to have all that much innovation involved with a block increase, but that leads to the question did we really need the extra complexity or just a quick flip of a limit to fix the scaling issue? Who knows.
What I would like to know is where all this extra hashing power is coming from. The Bitcoin Hash doesn't seem to be dropping while the hash for Bcash is increasing. Are GPU miners trying to take some profits as well? Will the price drop hard once miners pull out because they are selling off the Bcash or will it hold because they are now holding the coins?
Just a few questions that are popping up in my head, which I'm curious to see what the answers will be.