This move above $500 is more important than you think! Chart inside!
 | I got my first BCH when the fork happened. Many of my friends dumped BCH early on because of the FUD campaign, which is fine, I have a feeling most people did the same in the early months. What follows is a long period of sideways action here: What you see here are BCH holders dumping coin as they give up and put their money into BTC, ETH or what ever else was moving higher. But what you are also seeing is accumulation of BCH in the $200 to $500 range for a full two years! This is the floor, this is as low as it managed to go (excluding the dip in late 2018). The move we saw last week above $500 is extremely important as it represents a shift in momentum from simply absorbing sellers to buyers outnumbering sellers and breaking to a new trading range. This is extremely bullish in the short term, but there is still a lot of work to do. I suspect there are still a lot of BCH holders that have either forgotten they even own BCH or just waiting to break back into the +$1000 area. This is not going to be a moonshot, which is good in the long term. Working through $1000, $1500, $2000 slowly is way better in the long run because it creates support levels on the way. BCH has the fundamentals and growing creative community that is only starting to gain momentum now, and will really kick into gear once it gets over $1000. If you just got here at $700+, this is just the beginning! [link] [comments] |
