BCH Price Still Has A Potential To Reach $6k Area
Like majority of mid cap projects BCH is forming very similar crashing pattern as BTC did in 2018. Of course 2018 btc crash happened with different velocity and curve, but price did have some kind of bounce and sideways movement as BCH had this time.
If we extend fib. levels over 2018 bitcoin crash where level 1 sits at 2017 ATH and level 0 at the low, we can see that the price did first reach lo 0.618 retracement, then eventually crashed, closing the gabs above the low, only to have another breakout and pint point nailing level 4. fib. extension (69k). Time will tell very soon if BCH price will react to the same fib. retracement/extension levels, but if does, it would mean that the price would first climb just above 1k, then have an accumulation back below $200, then of to the races to 6k area where level 4 fib. extension level sits at. Imagine that, it would truly be an amazing alt season.
Remember that time is irrelevant here and no one knows when things will happen or for how is anything gonna take to play out. We can only speculate price areas based on historical price movement.
It is only a speculation, we need more time to really confirm all of this but when price is set for new ATHs after a major crash like this, it tends to react to above mentioned fib. levels.
I am not a financial advisor so non of this should be taken as a financial advise. Be well.
If we extend fib. levels over 2018 bitcoin crash where level 1 sits at 2017 ATH and level 0 at the low, we can see that the price did first reach lo 0.618 retracement, then eventually crashed, closing the gabs above the low, only to have another breakout and pint point nailing level 4. fib. extension (69k). Time will tell very soon if BCH price will react to the same fib. retracement/extension levels, but if does, it would mean that the price would first climb just above 1k, then have an accumulation back below $200, then of to the races to 6k area where level 4 fib. extension level sits at. Imagine that, it would truly be an amazing alt season.
Remember that time is irrelevant here and no one knows when things will happen or for how is anything gonna take to play out. We can only speculate price areas based on historical price movement.
It is only a speculation, we need more time to really confirm all of this but when price is set for new ATHs after a major crash like this, it tends to react to above mentioned fib. levels.
I am not a financial advisor so non of this should be taken as a financial advise. Be well.