Short
BCHBTC likely fake out, moving towards 0.1BTC
Haven't been following BCH lately; just noticed how much it jumped last night. Earlier than I expected. I was thinking it needed to go to 0.09BTC first.
I believe it's a better version of BTC, but these bit-series coins are addicted to hashpower --- this means their price movements are more closely-tied to moneyed interests.
We can see that
To identify, I think we can check the up-crossing of 7D SMA over 15D SMA:
This time, it's still too early to tell, but judging from the level from which the pump started I guess it's going to be a fake out.
Also, the volume is too low for a real breakout. Half of the volume is from OkEx, which has no fees for wash-trading (maker gets 0.1% from the taker).
I believe it's a better version of BTC, but these bit-series coins are addicted to hashpower --- this means their price movements are more closely-tied to moneyed interests.
We can see that
- it tends to trade between 0.1 & 0.2BTC
- its pumps are powerful & quick & its drops are slow & long
- there are fake outs
To identify, I think we can check the up-crossing of 7D SMA over 15D SMA:
- when at the crossing we have a green candle (marked on chart), we can look forward to 0.2BTC
- when at the crossing we have a red candle (unmarked), it's probably a fake out
This time, it's still too early to tell, but judging from the level from which the pump started I guess it's going to be a fake out.
Also, the volume is too low for a real breakout. Half of the volume is from OkEx, which has no fees for wash-trading (maker gets 0.1% from the taker).
Note
already falling a bit. I think a good entry is indeed under 0.1Note
0.1BTC is what I meantNote
Pump round 2?
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.