BTC ready to make a bounce after BCC/BCH rally?
Updated
Here I have set out some different scenarios for BTC during this BCC/BCH war. Take it for what you want, but this is what I *think* can happen. We all know there is a battle/coup d'etat going on between the two...with all the trading madness going on with current volumes being traded, we need to see where the dust is going to settle for each coin. This could get serious...but don't panic, below you will see what my thoughts are for each line...
BTC is Safe: The Green line is where I feel is a good bounce line for where support should be. This would mean that BCC/BCH is nearing the rally peak, and it ready to make a correction, but I don't think it'll get back down to the $600 mark again. This coin has it's purpose as the performance side of BTC. It can be useful, but it won't be "king". Once/if this happens, We will need to get confirmation on BTC's side for the crucial 7000 mark again (blue line). We will have to see what happens to BCC/BCH if/when it peaks soon. As of now, it is either double topping, or is trying to break through once again. I think it's around a 65% chance of bouncing here
BTC healthy Correction: This mark will be represented by the yellow line, being location at another crucial point in the 5700 range. Now this is still NOT the death of BTC. I honestly still think even if BTC *does* make a healthy correction to this mark, it's not in any immediate danger. BTC will always be king for once reason, most of the crypto market relies on BTC for survivor. BTC is basically the gold reserve/bank for the crypto market. I think this is it's true purpose for the crypto world, nothing more. If it truly is going to make a run up to 10k before the end of the year, it may be possible to get this low again before bouncing. It's not likely to get this far down, but don't panic if it does. Now I feel we're in the 75-80% of bouncing here.
BTC-BCC/BCH power swappening???: This line will be represented by the slotted red line. Now we are at a VERY CRUCIAL point for the BTC bounce. If we get down to this point, I feel it's the ABSOULTE bottom for BTC. The market will bleed in the alts, minus a few greens mixed in. BCC/BCH will now be getting close to/or in the $2000-2500 range, MAYBE, these numbers are pure speculative towards a dethroning. We now for sure need to take this coin very seriously. I don't think the *swappening* is happening at this point. Everyone that's in the market, needs to be paying attention very closely.
OMG...it's happening: This line will be represented by the DEATH line. IF, and that's a big if...BTC hits this mark at $5000 and breaks through, now it could oversell to around 4900-4800 range, but if it goes below that, we may very well be in the presence of a "dethroning" of a king. BTC will always be around as our "bank", but power would move to BCC/BCH. I HIGHLY DOUBT this will ever happen. If it gets to this point, that would mean BCC/BCH would possibly be close to the $3000 range by now, if not higher. This is a panic line, and everyone's eyes should be on it 24/7 if you have money in the market. This would mean almost certain blood baths for the entire alt market. I think it's a slim 0-5% chance of this happening, but this is the crypto world after all...
Now if the dethroning actually does happen, we are looking at death to almost all alts for quite some time...maybe weeks/months. Most altcoins are backed by BTC. You take away the relative value from each, they will bleed...badly. This would be a smart time to check your buy in spots, and make a decision to either hold through, or cash out. It'll take time to swap things over/recover, but we will just have to wait and see how the alt market reacts. I don't ever see this happening, but that would mean a complete market meltdown would occur.
Obviously, this is just my opinion after all...just be prepared and make smart decision if things hit the fan.
BTC is Safe: The Green line is where I feel is a good bounce line for where support should be. This would mean that BCC/BCH is nearing the rally peak, and it ready to make a correction, but I don't think it'll get back down to the $600 mark again. This coin has it's purpose as the performance side of BTC. It can be useful, but it won't be "king". Once/if this happens, We will need to get confirmation on BTC's side for the crucial 7000 mark again (blue line). We will have to see what happens to BCC/BCH if/when it peaks soon. As of now, it is either double topping, or is trying to break through once again. I think it's around a 65% chance of bouncing here
BTC healthy Correction: This mark will be represented by the yellow line, being location at another crucial point in the 5700 range. Now this is still NOT the death of BTC. I honestly still think even if BTC *does* make a healthy correction to this mark, it's not in any immediate danger. BTC will always be king for once reason, most of the crypto market relies on BTC for survivor. BTC is basically the gold reserve/bank for the crypto market. I think this is it's true purpose for the crypto world, nothing more. If it truly is going to make a run up to 10k before the end of the year, it may be possible to get this low again before bouncing. It's not likely to get this far down, but don't panic if it does. Now I feel we're in the 75-80% of bouncing here.
BTC-BCC/BCH power swappening???: This line will be represented by the slotted red line. Now we are at a VERY CRUCIAL point for the BTC bounce. If we get down to this point, I feel it's the ABSOULTE bottom for BTC. The market will bleed in the alts, minus a few greens mixed in. BCC/BCH will now be getting close to/or in the $2000-2500 range, MAYBE, these numbers are pure speculative towards a dethroning. We now for sure need to take this coin very seriously. I don't think the *swappening* is happening at this point. Everyone that's in the market, needs to be paying attention very closely.
OMG...it's happening: This line will be represented by the DEATH line. IF, and that's a big if...BTC hits this mark at $5000 and breaks through, now it could oversell to around 4900-4800 range, but if it goes below that, we may very well be in the presence of a "dethroning" of a king. BTC will always be around as our "bank", but power would move to BCC/BCH. I HIGHLY DOUBT this will ever happen. If it gets to this point, that would mean BCC/BCH would possibly be close to the $3000 range by now, if not higher. This is a panic line, and everyone's eyes should be on it 24/7 if you have money in the market. This would mean almost certain blood baths for the entire alt market. I think it's a slim 0-5% chance of this happening, but this is the crypto world after all...
Now if the dethroning actually does happen, we are looking at death to almost all alts for quite some time...maybe weeks/months. Most altcoins are backed by BTC. You take away the relative value from each, they will bleed...badly. This would be a smart time to check your buy in spots, and make a decision to either hold through, or cash out. It'll take time to swap things over/recover, but we will just have to wait and see how the alt market reacts. I don't ever see this happening, but that would mean a complete market meltdown would occur.
Obviously, this is just my opinion after all...just be prepared and make smart decision if things hit the fan.
Trade closed: target reached
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