Bitcoin Cash has made some incredible moves the past few weeks. It recently had a huge breakout at the 1000 level, and made 100%+ move to the high 2000’s in under 2 days. Bitcoin cash has been off the radar the past few months ever since its big move in mid-August. Here’s an overview of Bitcoin Cash and why it has been the talk of the town the past few weeks.
What is Bitcoin Cash?
Bitcoin Cash is a cryptocurrency that came from the fork of Bitcoin Classic that was created on August 1, 2017. Bitcoin Cash differs from Bitcoin Classic in that it increases the block size from 1 MB to 8 MB. It also eliminates Segregated Witness (SegWit), a suggested code modification designed to free up block distance by removing certain areas of the transaction.
The objective of Bitcoin Cash is to increase the number of trades that may be processed, and supporters hope that this shift enables Bitcoin Cash to compete with the volume of transactions that PayPal and Visa can manage by raising the size of blocks.
Name Association
Any cryptocurrency associated with Bitcoin is going to have an almost irrational amount of bullishness behind it. We have been keeping it on watch for weeks for that reason. Bitcoin Cash seemed like it would go on a big run sometime in 2017 after its big move in August. Once we saw it make the move up to 690 and start to consolidate for a few days, it was on watch for further momentum. Sure enough, once it broke that 690 level, it moved almost 400% to the high 2000’s.
Huge Range
Bitcoin cash has a much bigger range then Bitcoin, in terms of percentage, at the moment. There is a ton of money to be made to the long and short side. It looks like it will have some great momentum in the coming days and weeks. There is a ton of opportunity in this crypto right now, but it is crucial to have sound risk management on something with this kind of range, otherwise you risk losing a lot of money.
Here are a couple trades we alerted in our cryptocurrency trading room on Bitcoin Cash when it was under $1000.
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