With all the buzz going about on the rising and declining bitcoin price, the timing is perfect for investors to get a hold of BTC spinoff Bitcoin Cash.
Founder of Investment firm BKCM, Brian Kelly explained that the technical signs which also includes a likely breakout are directing to an opportunity for Bitcoin Cash. From the look of things, investors are taking heed to this advice, with Bitcoin Cash taking the number 4 spot by market cap is exchanging in the green today with other altcoins and has also increased by 16%.
According to Kelly, there are three major reasons that are driving BCH at this point. Additionally, he goes on to use a long-term BCH chart from December 2017 till now to explain his view, indicating that the $790 price mark “ supported” but has since “become resistance.” A breakout will signify “higher moves.”
For now, Kelly indicates to several “down moves” that have started to create a “triangle” supported by strong volume.
“Those are the first things traders look at, that I look at, to say, something might be changing here,” Kelly said. “If we get that breakout, you’re looking at higher moves.”
Recently, Kelly has been making inquiries into the cryptocurrency market and he stated that bitcoin price could make a new record in 2018 and will continue to rise from that point.