First of all Bitcoin Cash has the name. Yes Dash' and Zcash are other forks of BTC' but Bitcoin Cash has that ring to it and instant association with bitcoin .
Secondly it's all about micropayments. Yes the median transaction fee for using BTC' is a whopping $2.37 for $635 spent according to bitinfocharts.com . For Dash' a $224 transaction fee comes to about 2 cents. That's more in line with with bartering and trade exchanges. For Litecoin a $257 transaction fee cost you about 1.2 cents. For Bitcoin Cash a $993 transaction costs you about 1.8 cents. Wow that's almost a 1/3 of the cost of Dash' and Litecoin and it's even cheaper then dogecoin!
But why did it wait until recently to take off. Well there was a promise that Bitcoin Gold was going to offer lower fees and faster payments. It is probably fair to say that large investors wanted to see how this played out before deciding one way or the other. But Bitcoin gold has no game plan at least that I can see from their websites just exchanges they are trading on. Big whoop! Many exchanges will not even provide a wallet because they refuse to provide the code. Seriously? what a muff! Secondly Bitcoin Cash already has market penetration and though not as much as DASH' or Litecoin they are accepted by crypto currency payment providers for merchants. This is important. As a restaurant owner I want low fees, and even though it may seem negligible between 2 cents and 6 cents per $1000 of transactions, these fees add up. A 2 million dollar a year business saves about $100 a year on fees. Hey $100 bucks is $100 bucks. Now you may say so what! Well think of how much Home Depot would save where they are doing 100 billion a year in sales. Now it starts to add up. But most importantly Bitcoin gold has yet to add any merchant services and it is unclear what their fees will be. PUNT! and their price is reflective of their mistakes.
So our assumption that large investors were buying up BCH' while many were focused on the fork was probably an accurate assumption, and that is paying off nicely!
So let's take a look. It is safe to say we started a nice EW wave pattern to the upside. It's also very interesting that the Fibb levels correlate with critical levels. We have approached the first one around $396. We should see a pullback and around the $340-$350 area. Upon a breakout we should get a nice buying opportunity for the $480 level to complete the first wave of the longer term trend. Very nice R/R here as $300 would is major support so the reward well out weighs the risk by 1/8 or 1/4 if we use a $320 or $300 for a stop loss level. Those are my kind of risks to rewards and one I will be looking to trade. I'm not selling here even though we are above 25% profit, I'm long term. I do not want to risk missing a further run. But I will look for an opportunity to add to the position on any pullback.
For cryptocurrencies it doesn't matter how big your transaction is. Whether it's $100 or $100M you will pay the same fee for Bitcoin, Litecoin, or Bcash. Since blocks of LTC and BCH are both basically empty there is no fee pressure so fees are the same for both blockchains (1-2 cents). Except BCH has unreliable block times so sometimes you will have wait hours to get your transaction confirmed, so LTC is still better in my opinion and BCH is overvalued. Go ahead and bet on BCH, I think it's a completely broken centralized coin and will crash below $100 within the next year. Coinbase will release the BCH from all their customers on Jan 1st 2018, so you can expect huge selling pressure then and it will be interesting to see what happens then. A short might not be a bad play.
Thank you for sharing!