Bitcoin Cash - Don't Long The Top
Updated
The current generation of digital currencies are something I really implore you to lose all faith in. At this point in history, they are old, and have been corrupted by various factors using the "Embrace, Extend, Extinguish" technique.
In the short term future, the existing cryptos will be significantly marked down as a result of Central Bank Digital Currencies, and probably something like a "One World" or "New World Order" CBDC being issued as part of the coming social credit system.
Social credit is a despicable importation of the Chinese Communist Party's Zero-COVID scheme, and nothing you should look forward to.
No, they aren't going to make your bags of retail memecoins part of the system. JP Morgan forked Ethereum for themselves and SWIFT is already testing on it, lol.
George Carlin once said, "It’s a big party and you are not invited!"
Moreover, so much of the crypto community is the criminal underworld, and a lot of it is directly linked to the CCP. Many of the miners are linked to the CCP, everything is linked to the CCP, and in the worst way.
This will be a big problem for people in the near term future, especially with the geopolitical risks of Xi Jinping against the International Rules Based Order and the Jiang Zemin faction.
The IRBO is dirty with Jiang and Jiang is responsible for the 24-year-long persecution and genocide against the 100,000,000 practitioners of Falun Dafa meditation.
But at present, Bitcoin Cash is both a dumpster coin and not a dumpster coin.
Although it was supposed to be the thing that preserved the original Satoshi whitepaper, it too was corrupted in the 3E paradigm and has, unfortunately, always been little more than something for SHA256 miners to algorithmically cycle to depending on difficulty vs coin cost.
This means as long as Bitcoin mining exists that Bitcoin Cash will have a healthy market. But it also means there's a lot of incentive to dump it, and dump it again, since dumping it can break miners and rebalance the equation.
Fortunately, the technicals on BCH for a rally are actually solid for the monthly, weekly, and daily candles, which are all that matters.
Monthly
Weekly
Daily
When a lot of people look at the Daily and 4H charts, they're going to see a "bull flag," a continuation pattern, and feel that for sure the "next leg up" is for certain $500.
These meme patterns don't exist. Nobody with hundreds of millions of dollars at risk is buying or selling anything based on trendlines and bat patterns. Give your head a shake and wake up.
In my view, what BCH will do is this:
First, it will break the $268 low. Think like sub $250.
Second, it will rally to $350
Third, that's the end of the fun for longs
The best scenario bulls will have ahead of themselves afterwards is a retrace to $130-$150.
But in reality, if the markets-at-large, and especially crypto, are as unhealthy as they appear, then that low at $86 is not going to hold.
So, top longers, can you hold a bag to a raid to $25 that only takes a few months and scares you to death?
Speculating in digital currency is very dangerous. The only people making the market are not your friend.
There are few friends in crypto. It's mostly just a bunch of useful idiots doing Marxist things and yammering about "The Plan" as if they've enlightened to reality.
In the short term future, the existing cryptos will be significantly marked down as a result of Central Bank Digital Currencies, and probably something like a "One World" or "New World Order" CBDC being issued as part of the coming social credit system.
Social credit is a despicable importation of the Chinese Communist Party's Zero-COVID scheme, and nothing you should look forward to.
No, they aren't going to make your bags of retail memecoins part of the system. JP Morgan forked Ethereum for themselves and SWIFT is already testing on it, lol.
George Carlin once said, "It’s a big party and you are not invited!"
Moreover, so much of the crypto community is the criminal underworld, and a lot of it is directly linked to the CCP. Many of the miners are linked to the CCP, everything is linked to the CCP, and in the worst way.
This will be a big problem for people in the near term future, especially with the geopolitical risks of Xi Jinping against the International Rules Based Order and the Jiang Zemin faction.
The IRBO is dirty with Jiang and Jiang is responsible for the 24-year-long persecution and genocide against the 100,000,000 practitioners of Falun Dafa meditation.
But at present, Bitcoin Cash is both a dumpster coin and not a dumpster coin.
Although it was supposed to be the thing that preserved the original Satoshi whitepaper, it too was corrupted in the 3E paradigm and has, unfortunately, always been little more than something for SHA256 miners to algorithmically cycle to depending on difficulty vs coin cost.
This means as long as Bitcoin mining exists that Bitcoin Cash will have a healthy market. But it also means there's a lot of incentive to dump it, and dump it again, since dumping it can break miners and rebalance the equation.
Fortunately, the technicals on BCH for a rally are actually solid for the monthly, weekly, and daily candles, which are all that matters.
Monthly
Weekly
Daily
When a lot of people look at the Daily and 4H charts, they're going to see a "bull flag," a continuation pattern, and feel that for sure the "next leg up" is for certain $500.
These meme patterns don't exist. Nobody with hundreds of millions of dollars at risk is buying or selling anything based on trendlines and bat patterns. Give your head a shake and wake up.
In my view, what BCH will do is this:
First, it will break the $268 low. Think like sub $250.
Second, it will rally to $350
Third, that's the end of the fun for longs
The best scenario bulls will have ahead of themselves afterwards is a retrace to $130-$150.
But in reality, if the markets-at-large, and especially crypto, are as unhealthy as they appear, then that low at $86 is not going to hold.
So, top longers, can you hold a bag to a raid to $25 that only takes a few months and scares you to death?
Speculating in digital currency is very dangerous. The only people making the market are not your friend.
There are few friends in crypto. It's mostly just a bunch of useful idiots doing Marxist things and yammering about "The Plan" as if they've enlightened to reality.
Note
Option B is she already topped and it's just time to landslide --> gap down.Note
Step 1 achieved.However, after four days of grinding down, four hours of bottom underneath may be just a little bit too easy.
Although any lower than $239 and it's $170 imo.
Note
It's important to note that this BCH rally is also a trendline raid."Step 2" can easily just be here and no more.
You may very well be looking at, and probably longing, the top before the end.
Note
With the way she's trading, I expect the return of $250 or even a raid on the low at $239.I think the logic is if it's $250 then it can raid the top and if it's $239 it can at most double top during the next bounce.
Note
So this is a pretty typical triangle breakdown play, which likely means $230 is coming.But generally, it recovers and then sucks to the upside, just like Ethereum did back here:
More or less, we've topped and it's just a question of when you can short. Look for a revisit to $300 first.
Related publications
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.