With carnage continuing in the alt space and Bitcoin Dominance back near a key chart point at 62%, we are asking if there is anything out there than can follow Bitcoin (BTC) on the next leg higher (Figure 1).
Before we get to that, just a quick note that Bitcoin (BTC) is in fact on track to go higher. If CME Bitcoin (BTC) futures can close above $11,250 (Figure 2), a new high for the move is possible by the end of the week.
The lingering question is this: are there any coins that follow Bitcoin on the next leg up? We still believe that Ethereum (ETH) and EOS can follow Bitcoin (BTC). That said, we are experiencing rapid aging waiting for that to happen.
Our latest thought is that Bitcoin Cash (BCH) may be able to follow Bitcoin (BTC). The Livermore set up (Figure 3) in Bitcoin Cash (BCH) is nearly perfect, and we find it interesting that Roger Ver tweeted yesterday that Bitcoin Cash’s (BCH) may be materially undervalued given its transaction volume.
To us, Bitcoin Cash (BCH) at $950 seems achievable.
Bottom Line: We are of the mind that it is time for the big caps to take off and join the rally. Bitcoin Cash (BCH), love it or hate it, could be a dark horse candidate for big gap move up.
Now is the time. The Crypto.IQ Trading Desk is ready to help you enter the world of crypto.
Join me there.