Snapshot look at Bitcoin, Ethereum and Bitcoin Cash charts and what they tell me
First up is Bitcoin which we all know has begun a recovery after dropping hard this past weekend. The hash rate for BTC also dropped, leading to a short term drop in price and a huge slowdown in bitcoin transactions. The hash rate must be watched closely going forward in my opinion in order to avoid another such price drop.
Ethereum has been a crypto that I have been bullish on all year, although I expected ETH to be trading much higher than it is right now. However, the hourly chart shows a wedge forming, following the head and shoulders formation that lead to the strong price drop. If ETH can break above the top trend line than it should move higher. Long term I am still bullish on ETH and it is still one of my favorites for buy and hold.
Bitcoin cash spiked hard, but then dropped back into this resistance zone following the price rise. The reason for this is the BTC cash developers changed their rules since they didn't want the fluctuations in the hash rate that makes the price more subject to rapid change. If BTC cash can get back above this resistance zone, than it might be a nice short term money maker, but until it does, I won't be touching it.
Bitcoin Cash mooning was to good to be truth.
Yup, I thought it was taking over for a moment.
I believe it was mainly the uncertainty of the hardforks that let Cash to move up so quickly.
People who bought at the top lucked out. Or need to wait a long time before it reaches that level again, if it will at all.
Of course, I could be wrong and BTC Cash could be 2K tommorow. But that it's very likely in my opinion.
I agree, very unlikely, especially given the rule change that just took place. Mining cash is less profitable now after a good couple days. I just wish I'd been ahead of the run.
Good analysis. I’ve been patiently waiting for ethereum to do something.
Thanks man, Ethereum has a lot more long term potential IMO, but it would be nice if it hurried up a little