Long
BCH bouncing to 1500 and then onwards
Hi BCH holders.
I feel you, past 24 hours have been rough to watch and quite extreme sell offs have been seen in the market.
Now i ask you to not let your emotions get in the way and i promise two weeks from now you'll look back at this and remember how silly it was to worry about a slip below 1000 usd.
The good news is that likely every single person who wanted to sell BCH have done it. We already started bouncing around 1k yesterday, but the Ripple news regarding partnering with American Express forced the last quick money traders out of their hand (BCH) to buy Ripple. This was very evident, and concluded another dip to 850.
Now this last push towards 850 acts as our C in our ABC retracement and was actually a good thing.
The massive bounce came from our most important trendline, which has kept us up since the original 300 USD breakout.
Today we are stabilizing around the 1k mark after a strong bounce from 850 mark.
This bounce was very important, as it matches our earlier trendline from 300 where the original breakout i called came from.
1H MACD has flipped, and 4H will follow soon.
RSI has been reset and are ready for another push up.
Keep things in perspective fellas. Less than a month ago BCH was sitting at 300 USD and everyone was calling it a dead coin.
Here we are a stabilizing at 1000 USD, while BTC is making ATHs.
Bitcoin Cash is the only Bitcoin that can scale to mass adoption.
I feel you, past 24 hours have been rough to watch and quite extreme sell offs have been seen in the market.
Now i ask you to not let your emotions get in the way and i promise two weeks from now you'll look back at this and remember how silly it was to worry about a slip below 1000 usd.
The good news is that likely every single person who wanted to sell BCH have done it. We already started bouncing around 1k yesterday, but the Ripple news regarding partnering with American Express forced the last quick money traders out of their hand (BCH) to buy Ripple. This was very evident, and concluded another dip to 850.
Now this last push towards 850 acts as our C in our ABC retracement and was actually a good thing.
The massive bounce came from our most important trendline, which has kept us up since the original 300 USD breakout.
Today we are stabilizing around the 1k mark after a strong bounce from 850 mark.
This bounce was very important, as it matches our earlier trendline from 300 where the original breakout i called came from.
1H MACD has flipped, and 4H will follow soon.
RSI has been reset and are ready for another push up.
Keep things in perspective fellas. Less than a month ago BCH was sitting at 300 USD and everyone was calling it a dead coin.
Here we are a stabilizing at 1000 USD, while BTC is making ATHs.
Bitcoin Cash is the only Bitcoin that can scale to mass adoption.
Note
Great success !The past 48 hours have been beautiful and BCH recovered very well.
BCH pushed a bit further than expected and reached .786 instead of .618 as expected, which once again proves a solid fundamental buyers market.
From here i'm expecting BTCUSD to push a bit up with the recent printed tethers and BCHUSD to retrace a bit before the next big move up.
Likely we'll retrace to 1100 area before the next push towards 1500.
Something like this
Note
Hi Fellas, I'm quite concerned about the tether situation, and will likely sell all my coins off until i believe it's safe to start trading again.
I'll post an update soon.
Note
We are in a tricky situation.Truth be told, i've liquidated everything.
I did this because i deem the markets too risky to trade at this point and i'm expecting a black swan event within weeks. There's a good chance i won't be trading until January 2018 as i want to see the Tether/Bitfinex situation resolved.
Now for you guys, here's what i want you to pay attention to.
We've earlier seen a negative correlation between BTCUSD and BCHUSD. 9/10 times led by Bitfinex. This wasn't a problem before Tether started blowing up, but it's different now.
We do not know wether people are buying BCH, ETH, XRP on Bitfinex to get out of the exchange and sell for real fiat on Bitstamp, Kraken or Coinbase.
We need to keep an eye on the top 5 most liquid coins, which large players would use to exit the market. There's a good chance we'll see those pump massively and volume increase on real fiat exchanges as large players exit.
Bitcoin Cash can only be sold for fiat on two markets: The Korean market, which exclude most Western traders and on Kraken. So if theory holds that large players are exiting the market, we need to keep an eye on mainly Kraken when it comes to Bitcoin Cash.
Crypto has been an amazing year for most traders, ask yourself if it's worth the last gains compared to the potential situation Crypto is in.
Trade careful.
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.
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.