BitcoinCash Price Forecast 8/21/2017

What goes up MUST come down unless we are already AT THE MOON! Current MC: $11.2B and slowly falling.

I don't think any of us expected BitcoinCash to have such a dramatic rise over the past several days. The price for one BitcoinCash topped out at $972 USD on Bitfinex only to slowly sell off as the weekend comes to a close. The majority of the exchange volumes are coming from Korean markets surprisingly as the price more than tripled in a matter of 48 hours. The profitability of mining BitcoinCash is much higher than mining traditional Bitcoin at current prices:

(Source: https://cash.coin.dance/blocks)

As you can see it is 93% more profitable to mine BCH in fact. It is also MUCH easier to mine since the difficulty of BCH adjusted down so many times already as a result of low hashing power (lack of miners). As more miners begin to mine on their chain however you will see a price drop as the difficulty goes back up. There is going to be a lot of volatility until we find our balancing point.

BitcoinCash is struggling to find its support zones and has been falling ever since its peak of over $970. It has been struggling with low volumes as investors realize that it may not be as useable and widely accepted as its father. Speculation has driven the price to ridiculous highs and now it's time to come back down to earth. In this chart you will see that we are in a downward trend, bouncing off of the bottom of the moving average (red line). I predict that BitcoinCash will hit a bottom in the $550-$630 range before rallying back towards $800 or higher over the coming days.

Likely Scenarios:

• BCH continues to trend downwards bouncing off of that underside of the moving average bottoming out at $550
• BCH drops down to $635 before recovering some of those losses
• BCH stabilizes and bounces between $650 and $750 before making another large move

TLDR Version:
BitcoinCash has seen its hype cycle and now it needs to cool off. Expect a 50% retracement or even a drop down to the 0.618 ratio as BCH finds its bottom.

Price Target:
$750

*Never invest more than you are willing to lose and always do your own research before making any investment decisions.

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