11-16 Price analysis of BTC and altcoins from Chinese Market (Shared by AICoin)

BTC:
I’ve been emphasizing on the fact that we should embrace BTC since “Candy bonus” is coming back. Do you remember the story in May when ICO was getting more and more popular?

ETH price was just around 500 CNY at that time, however, it came to 3,000 CNY a month later, the reason for the impressive surge is because people bought ETH to participate in those ICO projects whose organizers chose to transfer ETHs to personal wallets, resulting the demand for ETH exceeded

supply, then the soar in price seemed reasonable.

So does BTC, IFO is becoming more and more popular, and it is ready to replace ICO as a pattern for raising funds. You must have BTC in your pocket if you want to get the new coins from forks.

Then, it seems reasonable that BTC is most likely to follow the way ETH walked in May, and it’s only a matter of time for BTC to set a new all-time high, that’s also the reason why I suggested to buy BTC without any doubt yesterday.

BCH:
BCH made the final choice for a short-term direction this morning, and it chose to break below the support level at $1,200. Price will retest the 1,000 level and is most likely to break below it.

I have 2 reasons to support my judgement, firstly, BCH had gained so much in price, a significant adjustment is quite normal in the short term,

secondly, BCH and BTC are competitors now, if we believe that BTC is about to set a new all-time high, as mentioned above, BCH is doomed to continue its pullback.

From a technical aspect in the medium term, the safe level for BCH price is at the support platform around $650, but whether price can be corrected by such a large range or not depends on the willingness of the BCH development team to push price up.

In the short term, we expect BCH price will continue the downtrend in a shocking pattern after a small-range rally near $1,000.

Original by Kuang Ren, Translated and posted by AICoin Jami.