• Cryptocurrencies: 4534
  • Markets: 24774
  • Market Cap: $350943708882.69
  • 24h Vol: $97105718304.602

BCH : Still another 24% Upside Available

BCH or Bitcoin Cash has a Civil War amongst its hands next Friday with the upcoming Hardfork – emails being released and fundamental news for either one of the upcoming protocols. This along with Bitcoin’s potential fall to $6280 could see it re-set to $555 before pumping to $680.

What does the Technical Analysis Show:

  • BCH is positively correlated to BTC by 0.84 – this means that if Bitcoin goes to $6285 – BCH will go to $555 before revisiting $680.
  • There are a lot of volume gaps between $650-670 – therefore Nouvive Intelligence definitely sees these levels being hit.
  • Volume has been far higher than the 90D Average.
  • The past 6 hours has seen negative sell side volume as a result fo the Bitcoin Dump.
  • The RSI Stochastic is HEAVILY OVERSOLD and recently crossing-over implying that over the next several hours we should see a reversal following BCH dumping to $555.
  • The OBV that shows Open-Interest will bounce off the golden line drawn by Nouvive Intelligence following its hit to $555.
  • The $555 area – why its significant is this is the previous re-fuelling for Longs as well as its just under the 0.618 line – an area of support whenever a coin cools down.

What does Nouvive Intelligence Say? 

  • Following the civil war between BCH protocols – it appears that there will be two coins that come out BCH – with the vast majority of exchanges supporting the hard fork.
  • As a result of the hard fork most traders and long-term investors will enter into a trade to get both the coins before selling both of them off.
  • This will cause a large dump to revisit the $424 area following the Hardfork.

Levels to Watch For:

  • $555 as a new supply zone in the event Bitcoin falls to $6280 – BCH would be looking to refuel in this area
  • $6000 An area of resistance
  • $640 – previous High for the month of November
  • $680 – Volume Gaps have to be filled here

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