Bitcoin Cash is the Greatest Bear Trap of All Time
Updated
I won't give much preamble about Bitcoin Cash. You can make your own decision about which side to stand on with the information that is available to you. That being said, as a trader, you should pay attention to price action first, fundamentals second, and politics and rumors literally not even at all.
The reality is, Bitcoin Gold is a scam: twitter.com/iamjosephyoung/status/921972583192391680
The reality is, right now, Segwit 2x is not in much better of a situation regarding their fork being adopted by exchanges.
The reality is, Bitcoin Cash has been a functional hardfork backed, sustained, and supported by some of the biggest players in crypto.
Bitcoin Cash is also going to be hard forking a la' Ethereum Byzantine/Metropolis on November 13 for a code update to fix the Emergency Difficulty Adjustment: reddit.com/r/btc/comments/77vtfm/its_happening_bitcoin_cash_is_set_to_hard_fork_on/
Fundamentals: check
Bitcoin Cash is in a giant symmetrical triangle after its pump to $850+ in August and its slow slide down ever since. That being said, we have a beautiful formation with bullish consolidation towards the squeeze point as shown by OBV and Willy21. Also of note is WWV evidences that we've had extended periods of distribution, with some of the most violent distribution volume being after the October 17 dump. The October 17 pump was also the second largest accumulation since the August pump, yet, price remains healthy and has stayed with the trendline rather than breaking down like IOTA.
The first projection from a non-manic pump-high in the triangle produces a target that conveniently lines up with the 0.786 fib almost perfectly.
Price action: check
Politics: who cares when you can double your money on the first leg up and you're dealing with something that has a known price-ceiling of $6,200+?
If price breaks out to $360-400 and holds, expect one of the most amazing events in history to occur.
If I am right about what is about to happen, Bitcoin Cash will vortex in a tremendous amount of new users to crypto. Bitcoin Cash will resurrect what the Bitcoin community was in earlier, less bubble-collapsed time periods.
Bitcoin Cash is the biggest bear trap of all time.
What you think can happen and what is actually happening are two completely different things.
The reality is, Bitcoin Gold is a scam: twitter.com/iamjosephyoung/status/921972583192391680
The reality is, right now, Segwit 2x is not in much better of a situation regarding their fork being adopted by exchanges.
The reality is, Bitcoin Cash has been a functional hardfork backed, sustained, and supported by some of the biggest players in crypto.
Bitcoin Cash is also going to be hard forking a la' Ethereum Byzantine/Metropolis on November 13 for a code update to fix the Emergency Difficulty Adjustment: reddit.com/r/btc/comments/77vtfm/its_happening_bitcoin_cash_is_set_to_hard_fork_on/
Fundamentals: check
Bitcoin Cash is in a giant symmetrical triangle after its pump to $850+ in August and its slow slide down ever since. That being said, we have a beautiful formation with bullish consolidation towards the squeeze point as shown by OBV and Willy21. Also of note is WWV evidences that we've had extended periods of distribution, with some of the most violent distribution volume being after the October 17 dump. The October 17 pump was also the second largest accumulation since the August pump, yet, price remains healthy and has stayed with the trendline rather than breaking down like IOTA.
The first projection from a non-manic pump-high in the triangle produces a target that conveniently lines up with the 0.786 fib almost perfectly.
Price action: check
Politics: who cares when you can double your money on the first leg up and you're dealing with something that has a known price-ceiling of $6,200+?
If price breaks out to $360-400 and holds, expect one of the most amazing events in history to occur.
If I am right about what is about to happen, Bitcoin Cash will vortex in a tremendous amount of new users to crypto. Bitcoin Cash will resurrect what the Bitcoin community was in earlier, less bubble-collapsed time periods.
Bitcoin Cash is the biggest bear trap of all time.
What you think can happen and what is actually happening are two completely different things.
Trade active
Longed at $318 after it consolidated for a while after the full retrace of the local bump. Am prepared to hold through some variance. Lots of hidden orders on the book. Watch for spikes around the time of the Bitcoin Gold fork.
Note
Bittrex Statement on Bitcoin Gold instead of the Twitter link: support.bittrex.com/hc/en-us/articles/115002320451-Statement-on-Bitcoin-Gold-BTG-
Note
Found this in post history of a fellow from when Bitcoin was originally $1,200:
Familiar?
Note
Some perspective from 4H candles regarding Cash's recent price volatility:After a small dip through a trend line it bounced back and is looking at breaking out upwards.
Volatility can take a while and produce some doubt. That's why strong hands and good entry points are so important.
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