BTC/USD 03.08.2017
As expected, the appearance of Bitcoin Cash did not cause much harm to the original Bitcoin Blockchain. Yet, the current perspective does not seem so bright for Bitcoin.
= $2,900 resistance zone hasn’t been broken through.
= At the moment, there are Bitcoin sells. This is happening because the liquidity is partially going to BCH. = BCH will greatly influence the BTC price within the next month.
= Volatility is likely to rise when major exchanges open BCH wallets.
It’s not quite clear what kind of strategy ViaBTC will choose, but right now the BCH support at $300 is strong enough.
If the BCH price settles at the $300 range, BTC may easily go down to $2,400-2,500.
In case there’s BCH price dumping, BTC may not fall or even go up.
Factors that can influence the price within the nearest week:
Mining distribution. That is a very important indicator for the fair pricing.
Trading after BCH deposits openings
BCH technical stability