I expect to see BCH test the support at 1,170, and then 1,000 in the coming 36 hours.
This meteoric rise is far too fast for my comfort. If it respects the support lines then I'll have more trust in it. But until then I remain wary. This smells of a pump and dump.
All that said, 1h TA isn't exactly know for its reliability -- and our bullish EMA is looking to step above the SMA. So I wouldn't be surprised if we have another short term rally before we test the supports.
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Hit both supports exactly on point. Hammer candle off the 1k support which is a good sign. But wait for a few more closes above before taking it seriously.
If you think this is a pump and dump then you seriously fail to grasp the fundamentals at work here. I give it another few hours before we have another wave upwards.
But you'll be hard pressed to convince me that 600 to 2800 and back down to 1350 all in the span of 48 hours is any sort of feasible stable growth pattern. I watched BCH lose 25% of it's value in three minutes last night.
Will it go up in the end? I have no magic eight ball, I have no idea. But I'd put money on it retesting 1,170 and likely 1k before it tries 2k again.
The "fundamentals" argument is a bit silly. BCH doesn't solve any problems that a whole host of alt coins don't already -- it just has the bitcoin brand name. Will that be enough? Maybe. But these crazy surges have nothing to with fundamentals. They have to do with people disappointed with 2x dying and out for a quick buck.