Good gains here relative to BTC recently. I think the gospel of BCH is starting to spread beyond the echo chamber of the BCH subreddit.
Call me biased, but BCH is outperforming on the short term charts relative to the other coins on my list. There seems to be a good amount of buyers behind every upswing so far.
Just some lines to look at because lines are the all powerful guides of explaining everything $680-$700 range has had sellers in the past, this is the resistance BCH needs to crack right now
Good moves overnight over the $700 level. Ignore the ratnest of lines here, the only thing to watch out for on the bigger time frame now is a break to new highs.
$830 now. I still see BCH outperforming the other cryptos on my list, not sure if its short covering or just exciting buyers discovering BCH for the first time. This particular crypto has had a great smear job done against it for years now. Its possible this is starting to change.
I'm not a fan of the BTC forks, and when I initially looked into BCH I didn't feel that most people (we are talking long-term end users here that probably haven't adopted yet) would get on board with it. A year ago it was like $220 a coin or something. I won't deny it's growth.... but I just can't rationalize going in on it yet outside of a short term flip gamble because I can't decide if the growth we are seeing here is of merit (for the project and it's utility) or if it's part of the crypto fad growth bubble that I don't want any part of. I suppose it's got Paypal in it's corner, but even then how many people are buying there out of mistake? For example, just pouring money into it because it says "Bitcoin" on it, without understanding the project, and telling themselves "well I own THIS Bitcoin". I don't have a BCH position, but it's not that I'm against, but instead just.... I don't know.... I don't believe in it yet. I suppose I could've, and could still buy a few coins, but with the returns I'm seeing everywhere else, it's hard to divert funds into it right now. I'm fence sitting big time on BCH, for better or worse I suppose.
The number of people in BCH by mistake is zero. I have yet to see a single person say they bought BCH instead of BTC. I can't say I initially agreed with their whole "BCH is the REAL bitcoin" approach. The fork happened and consensus said BTC is bitcoin. I do not see the whitepaper as some holy scroll, I do not care about what Satoshi meant and the exact definition of his vision for Bitcoin. All I care about is that BCH sees increase adoption and use, more transactions, cheap fees and a healthy dev community. All those boxes are checked off, and Kim Dotcom launching a site in Q4 that focuses on BCH use is a big driving factor in this rally.
Well. That's not what I said. I didn't say people would buy BCH by accident where they intended to buy BTC. I said that the mistake would be a lack of understanding BCH and buying "this" Bitcoin by virtue of having the name on it, as if all things were equal. Yeah, that entire "Satoshi's Vision" thing is the big argument from the grass roots BTC guys, but then...... If.... , then why do you care that BCH sees mass adoption over BTC, ETH for that matter? Interesting... I'll look into it...
I dont need BCH to get mass adoption over ETH. ETH is its own animal and doing great! BCH I feel has been largely ignored but has a lot going for it.
Summary of the action here is that after a long consolidation pattern, BCH busts out to $1200 highs. We just got done with a pretty big consolidation that took it down just below $700 on the lows. Now with SmartBCH on track for this summer which brings ETH like contracts to the BCH chain, use and utility should be a driver and carry the price off these lows.
