The price of Bitcoin has been soaring in the last couple weeks. It’s a pretty safe bet that once the news is made public, the Bitcoin price will follow suit.
Can this high-priced Bitcoin get all the way into the “million dollar” club? Is it a passing fad? Or, will this be a permanent fixture on the Forex charts?
To be honest, I’m not sure how much support there is for the idea of the BitCoin cash being a major catalyst in the FX markets. However, it’s certainly an interesting concept and has already generated plenty of buzz. If this is true, then there is a pretty good chance that people who are speculating on the future value of this virtual currency may not have any reason to hold their horses for long.
Many experts believe that if the Bitcoin cash is indeed going to catch on like wildfire, it’s probably going to happen right around Christmas time. They argue that as many people as possible are going to be rushing to get their hands on some of this new, hot and shiny “hotter than hot air” currency.
At the moment, we don’t really know how much support there is for the theory that the Bitcoin cash is a one-shot deal. After all, there’s no real track record of this new currency and it doesn’t really have an exchange rate that can be compared to traditional currencies.
The thing to remember when trading on this new, hot market is that the Bitcoin cash will be very volatile, so you should be prepared to make a few mistakes along the way. However, if you’re willing to learn from your mistakes, you could very well find yourself in the front seat of the BitCoin cash hype.
You will need to pay close attention to a technical indicator in order to determine when this virtual currency will break out and start to skyrocket in price. Basically, if you’ve been looking for a high volume low risk moving indicator that will allow you to place your bets on this new market in a much more timely manner, look no further than Fibonacci retracement.
As with any other high volume trading system, the BitCoin cash will require you to use your head in order to be successful. There’s no point in trying to predict which way the market is going to move and hoping that your calculations are correct.
As I alluded to in my last article, it’s hard to say whether the BTC is going to go all the way or if there’s a chance that it will be a flash in the pan. However, if it turns out that it’s not a big deal and we just have a blip here and there, you’ll be able to capitalize on this high-volume market and put up a pretty nice profit.