As expected, the appearance of Bitcoin Cash did not cause much harm to the original Bitcoin Blockchain. Yet, the current perspective does not seem so bright for Bitcoin.
- $2,900 resistance zone hasn’t been broken through.
- At the moment, there are Bitcoin sells. This is happening because the liquidity is partially going to BCH.
- BCH will greatly influence the BTC price within the next month.
- Volatility is likely to rise when major exchanges open BCH wallets.
We might see various turns of events here: there might be BCH sales or prices dumping, or say, hidden market makers can support the price at a certain range.
It’s not quite clear what kind of strategy ViaBTC will choose, but right now the BCH support at $300 is strong enough.
If the BCH price settles at the $300 range, BTC may easily go down to $2,400-2,500.
In case there’s BCH price dumping, BTC may not fall or even go up.
Factors that can influence the price within the nearest week:
- Mining distribution. That is a very important indicator for the fair pricing.
- Trading after BCH deposits openings
- BCH technical stability
Ethereum seems to hold at the $190-237 range. It is very likely that given the BTC high volatility, cryptocurrencies like ETH will get more liquidity. This will positively affect the price, and ETH will test the $237 resistance zone once more time.
- In the case of settling at $237, and general positive market mood for ETH/USD, we could see the $300 tests.
- If the resistance is broken, the current price channel might remain.
- Providing there’s support at $191, there might be volatility growth and false breakouts. In the end, the price should return to the $190-237 channel.
Everything is steady with LTC. Litecoin has proved to be a hedge, having all the Bitcoin advantages, but without its drawbacks.
Any cryptocurrency that is able to preserve an uptrend is traded better on the market.
The situation hasn’t changed since the last week. The $40 zone seems good for purchasing. If the upward trend goes on, we might observe the $55 zone tests this month.