I will keep this blog post short. I do not want to get in the middle of the ‘one and only’ and the ‘shit’ coin arguments. No doubt about that Bitcoin had its moment, it was all over the place. People even started taking it as the only benchmark for your results, e.g. if your returns were lower than Bitcoin’s, then you suck, you are incompetent and what not. The arguments people were having, and still do, really got beyond good taste. But who am I to judge. Anyway, I don’t want to go there.
The main question I want to put out here is, can Bitcoin Cash (BCH) start to/continue rising? And, can it also outperform Bitcoin (BTC)?
To try to answer the first question, let us take a look at the following two charts. First one is BCH in USD and the second one is in EUR.
We see that it is breaking higher after a consolidation period seen in the past month. A move above $1750 would confirm that it could continue higher. I would say that then the minimal targets would become $2700, possibly $4250 or even much higher on a longer time frame. But I will keep you updated as things evolve.
We see a very similar chart pattern in EUR, but perhaps a bit cleaner. Similarly than in USD a move above €1525 would confirm the move.
The second question is, can BCH start outperforming BTC? Let us take a look at BCHBTC chart.
The price breaking higher through the falling trend line is suggesting that out-performance is possible. But we need to see a decisive close above 0.11 and only that would confirm our thesis above.