It is well known within the community that Bitcoin Cash is currently being propped up by Jihan Wi, the CEO of Bitamin, the Mining Giant.
A tweet released by Wu attacks, SBI Holdings, the investment arm of the financial Services giant for attacking Bitcoin Cash by helping one of the co-founders to control the network.
This follower many experts who have stated that the Bitcoin Cash network will split if the upcoming fork goes ahead.
This war coupled with the increasing downfall of the Cryptocurrency Market as a whole, leads to Nouvive to recommend a sell for Bitcoin Cash from the current levels to $292-$200 – in time for the fork.
Let’s look at the technical data:
Bitcoin Cash despite the overgrown market sentiment – with their community ranking as one of the largest within Cryptocurrency. This has had no impact on Bitcoin Cash who has dropped close to 50% over the past 2 months.
Moreover, the ultimate negative media sentiment towards Bitcoin Cash and Bitmain who has been called out for their hyper inflated valuation of $14 Billion, means the institutions do not have a liking towards Bitcoin cash.
The chart below plainly points out the mere fact that there are far more sells than buys as you progress closer to our take profit mark of $295-200.
The last time we did see the higher $200 figure was in September 2017, just following the Hard Fork from Bitcoin.
Nouvive recommends a Short from $420-425 to $280, increasing Stop Losses in Profit.