BTC bullish as we prepare for the new Alt-coin BCH
Updated
For those that don't realize it. There will be no changes to the BTC network, but BCH will be taking a snapshot (a copy) of the Bitcoin chain on Aug 1st and starting a new alt-coin by adding hash power. That's it. No magic here. Lots of alt coins have started this way, and they're attempting to gain network effects by giving everyone who has BTC, the same amount of BCH. Nothing new. Stellar Lumens did the same thing and so did Byteball, and others. Think of BCH as a fork of bitcoin, because that's essentially what it is. Currently, Bitcoin is still forming great bullish counts. As it stands, we have several hours more before a potential break upwards, but we have already tried to break the triangle early because of lots of built up bullish energy. Stick to what you know and don't listen to the FUD. Lots of people claiming shorts on Bitfinex and everything else, but the reality is that you need to trade your strategy. Place stop losses and don't trade on your emotion. Emotion is why they put FUD into the chat boxes and all of the news items in both directions is so that you'll make a mistake. Stay calm and true to your strategies. If you end up being wrong, cut your losses immediately and move on. Best of luck to everyone.
If we do see BTC uncoil into the upward direction, the first TP is the pivot at 3400. There will most likely be a pullback and then then a push for 3800, which is target point 2. Keep stop losses tight, as this is a time of GREAT volatility. Play it safe.
If we do see BTC uncoil into the upward direction, the first TP is the pivot at 3400. There will most likely be a pullback and then then a push for 3800, which is target point 2. Keep stop losses tight, as this is a time of GREAT volatility. Play it safe.
Note
We're starting to get a better idea of what the market looks like right now with part of the liquidity locked away off exchanges, and with a drastically increased volatility. For those that have been in bitcoin trading, you already know the term 'ever increasing triangles'. I've increased the triangles to the new boundaries shown by the recent trading. We definitely have longer to wait for a breakthrough to a new ATH. We did get a close strike just above 2900, but resistance is intense as shown from the pull back. Hopefully, you're not using margin at times like this that are of high volatility. I'm still in this trade and have had to re-establish the wave counts based on the updated market conditions. We are still within reasonable boundaries for an uptrend.
Note
Well we still remain in a bullish triangle. Over the next few days we should market equilibrium start to come back. Last night saw incredible volatility, but it was to be expected. Some people continue to make references to the fork with ETH, but please remember that the ETH DAO was hacked and this created a credibility crisis, which is why ETC was created. BTC still remains the same entity it has always been with great improvements coming along. The new alt coin BCH or Bitcoin Cash has been created from a snapshot of BTC and the initial price is hovering around .09- .1, but market equilibrium still hasn't fully hit this price as many people still cannot move their funds from their external wallets to exchanges as BCH deposits on exchanges have largely not started. The first exchange was ViaBTC, and I moved funds here this morning and sold all my BCH for BTC. It's likely that BCH will go through the normal alt-coin market dump that they always do, so it is advisable to sell early unless you believe that this time will be different than every other coin that has ever been started.
I expect when the dust settles for BTC to start its rise again to break the ATH. Patience and closely monitor things as we are still not out of the woods in terms of the FUD involved with the creation of BCH.
My position still remains the same and I'm holding my BTC and bullish on its near and long term prospects.
Trade closed manually
Well here are with the market seemingly gone crazy. BTC is dropping again, and the alts were starting a drop and BCH is headed to the moon, down and up again.
It is in these cases where the crypto world has seemed to turn upside down that I stick with my long term strategies. I don't use margin, so I will stay in my current position and wait for the dust to settle. This has done well for me in the past as there are many who are able to manipulate the markets during this high emotion times, and they can drive the price where they want. If they want me to be afraid of BTC, then that's where I will choose to stay. It may or may not be the right choice, but I'm confident enough in the future of BTC and the other alt coins I carry to stand by my previous decisions. Please make this decision for yourself. If I felt we were moving into a bear market, I would move into fiat and wait it out, but I still have no reason to believe the market fundamentals have changed. There is incredible FUD and hype around this new coin, but this will also die down and then we'll see where the chips may lay.
I'm marking this trade closed manually simply to mark the end of tracking at this period. Again, I remain in the position, but I'm going to step away from the FUD and hype and come back to this when things have reached a point where I can measure the market effectively again.
Good luck to everyone and see you on the other side.
Note
This is the first reversal confirmation I've received since yesterday. The markets are much calmer, and the new trend line on this chart is holding for now. If you're not already in this trade, then wait longer to determine if the trend holds before risking sudden volatility. A break of $2800 would be the next good indication of trend continuation.
Note
We've had a nice firm break of the $2800 level and it looks like we may be heading to retest the ATH. Given the resistance, it may take a couple strikes to break through. If the bullish energy is unable to break the ATH, we should expect a large pullback and reset. I would expect that if BTC is able to break the ATH in the next couple of days that we should see a surge in BTC towards the $3400 level and potentially a drop in alt coins since BTC will make the news cycle for breaking the ATH.
If we're unable to break ATH soon and we pull back, we may need to wait for positive segwit news to make another attempt at the ATH.
Note
Seems BTC didn't want to wait for the ATH to happen and just pushed straight through. I was glad to see the volume on the push increase, as the rise up was on very little volume, which shows that sellers were heavily exhausted in the past downward drives. If that's true then we might see BTC pushing up towards 3600+ and possibly even 3800 before we get a significant pullback. Need to monitor price closely to watch for reversal as we approach 3400.
Note
Consolidation continues and I've marked the wave counts
Trade closed: target reached
Original target point already reached. Current driving momentum is slowing down, so I'm taking profits now. There is the possibility of this continuing 3500+ but when I see momentum slowing, I take that as a sign of bulls exhausting. This was a good trade, and I will be looking at other good trades, such as SC which I'm entering now.Note
Final update. I will re-enter the trade upon a BTC correction for the next leg up to 3900. I don't short during crypto bull markets. The quickest way to losses is to go against sentiment. I'm all about retaining capital. There's enough gains in riding the bull or bear without putting yourself in a position to be run over.
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