BCHSV - Another 40-60% Capitulation Before the Bottom?
Updated
Hey guys,
I've been watching BCHSV which resulted from the BCH fork that occurred a few weeks ago. Here are a few thoughts:
Fundamentally I think exchanges and significant market stakeholders are betting on the ABC version of the fork - BCHABC - which indicates to me that BCHSV will likely undergo and remain heavily discounted, or at least experience heavy volatility. The BCH ticker will likely go, by default, to the BCHABC version. As a result, BCHSV will likely struggle to get widespread exchange access, and judging the current "influencers" behind the vision and mission of the asset, it will likely struggle to find many friends while getting relegated to the margins. That being said, this asset is being monopolized with relatively few significant market participants so anything can happen over the longer term.
From a technical perspective, we can see the fundamentals playing out on the chart and we now have a falling wedge pattern that has paved the way to capitulation. Currently we have strong support at $37, but if this breaks we could reach prices as low at $19.
***This is not investment advice and is simply an educational analysis of the market and/or pair. By reading this post you acknowledge that you will use the information here at YOUR OWN RISK
I've been watching BCHSV which resulted from the BCH fork that occurred a few weeks ago. Here are a few thoughts:
Fundamentally I think exchanges and significant market stakeholders are betting on the ABC version of the fork - BCHABC - which indicates to me that BCHSV will likely undergo and remain heavily discounted, or at least experience heavy volatility. The BCH ticker will likely go, by default, to the BCHABC version. As a result, BCHSV will likely struggle to get widespread exchange access, and judging the current "influencers" behind the vision and mission of the asset, it will likely struggle to find many friends while getting relegated to the margins. That being said, this asset is being monopolized with relatively few significant market participants so anything can happen over the longer term.
From a technical perspective, we can see the fundamentals playing out on the chart and we now have a falling wedge pattern that has paved the way to capitulation. Currently we have strong support at $37, but if this breaks we could reach prices as low at $19.
***This is not investment advice and is simply an educational analysis of the market and/or pair. By reading this post you acknowledge that you will use the information here at YOUR OWN RISK
Note
Support is currently breaking...Note
It bounced! Lets see if we can break resistance...Note
Nice rally despite overall market selloff! Now trading within a descending channel.. trend resumption (with new downside targets) or will we breakout of this pattern also?Note
Woah@ so strong! Idea annihilated :P
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