Beware of the false prophets - a Bitcoin Cash breakdown

As you probably know, Bitcoin Cash, also known BCash which makes Roger Ver really mad ;), is a hard fork from the original Bitcoin - the Bitcoin Core. It came to life on the 1st August 2017 and triggered many forks that followed, including shitcoins like Bitcoin Diamond, Bitcoin Private et etc. All of this resulted in free airdrops to the original Bitcoin Core holders.

The reason for it was pretty simple - greed.

Everyone wanted their own Bitcoin and it worked pretty well for them. After the infamous BCH pump in October/November, correlated with huge FUD about Bitcoin Core, the price of BCH spiked to 2k USD which made many people a lot of money.

Now, there is another fork coming. This time, it will only be a software update on Bitcoin Cash on the May 15th. However, people do not realise that (or just wanna pump it up and dump on noobs later) and think they will receive something for free again. Obviously, it is not the case here. The hype is being created but as soon as people find out the truth, the massive dump will follow.

Look at the Bitcoin Cash chart below:

Our take on the situation now: if you are a BCH hodler, we see 2 price levels to look at as a potential sell point:

around 0.165 BTC
around 0.190 BTC

If the situation really gets out of control (very unlikely), 0.235 BTC would be the 3rd potential sell point. Mind you, it is always recommended to set a sell order slightly below those sell points.

We don't recommend buying BCH now. However, some part of community is still bullish, so they can try pushing price again to 0.160-0.170, so you can consider entering only if some retracement to 0.145-0.140 occurs.

Bitcoin Cash is just a speculative coin created by Roger Ver, hyped by Asian whales and miners that will not change the fate of Bitcoin Core nor the whole community because its hyped solution (scaling) is not really a valuable solution. It is only a very short-sighted remedium and will never make Bitcoin a payment solution it was meant to be. Some better projects will have a shot, but not Bitcoin/Bitcoin Cash.

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