Bitcoin' Cash has been simply crushing the market over the past month period! Though it took a pause and traded sideways (as many equities do after large runs) it has clearly broken through its resistance level and looks poised to retest its ATH' in the next couple of months (or days in crypto time). Regardless of your personal thoughts on BCH' it is one of the hottest and most bullish of the blue-chips PERIOD!
Why is it the king of the alt coins? Well the market says so! #3 in market cap overall, and #2 does not compete in its target market which is cash transactions. Ethereum' is a contract based coin with a much higher coin count! XRP'? Again does not compete and has a huge coin count!
Bottom line it has twice the market cap of it's closest competitor Litecoin'. Though Litecoin' had a four year+ head start, trades on coinbase and has twice as many coins, BCH' came on to the field and pushed Litecoin' aside like that rookie out of college replacing the veteran quarterback. I am not the judge, the market is! I am only clearly stating the obvious. So hate all you want the market has spoken!
Quick TA':
1) The trend is the underlying factor and it is clearly UP! We have ridden the trend since $300+-, nothing in the charts sends a bearish signal. Pullbacks happen in bull markets like price runs in bear markets, this one was no different.
2) The RSI' has remained above 40 which is what I look for in a bullish equity
3) The EW count is about as clear as it gets. My nephew can count these waves.
4) The Fibb levels have crazy targets, but I have learned over the years never to doubt the fibb!
5) Did I mention the TREND IS UP!
What's NOT to like here? The TREND IS YOUR FRIEND and I'm still riding this wave!
Keep in mind these targets are based on previous chart movements and fibb levels. It is always wise to take money off the table with the goal of being in your inestment for $0 cost or less. Eventually the frenzy will end, whether here, there, or at 15k. The pullback will likely be drastic to say the least, which will lead to market and price stability. This is when traders will wish they invested properly!