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Ticking supply bomb that will trap buyers before 2018!Bitcoin Cash has exceeded expectations. Reaching a stunning 2800 USD high! But beware, there is a ticking supply bomb on the horizon, and it's a very dangerous one. Fundamental Bitcoin Cash will not be the new Bitcoin. Their solution is short minded and BTC will keep the throne. Not going into detail about that subject now though, I expect most have their own opinion on the matter. But that is my mindset, and unless something huge unexpected happens I am sticking to that. In crypto everything is possible though, and I am not taking my positon as a given and will always be aware that things might change. Now over to the reason I think Bitcoin Cash is dangerous to hold, the ticking supply bomb! Before 1st January, both Bitmex and Coinbase will release their BCH. Bitmex will actually sell them all on market and give its users BTC. Bitmex Blog Post . That is not a small chuck of coins! Bitmex is the biggest Bitcoin exchange in the space, and Coinbase is the go to exchange for people to purchase and hold lots of Bitcoin. It will deal a hard blow to the market when it happens, and it will. It's just a question of when. That's where my small long come into play. Because I do not believe it will happen yet. I think we need more buyers to buy up before it does. Bitmex will sell all their BCH on a date that is obviously secret, but before 2018. I don't think they will drop it all on the market so to speak, and it would surprise me if they sell when price is going down. It's speculation, but most likely I see them selling out chuncks of coins when it is going up. They will want to give back its customers as much money as they think they can get. Therefore I believe there is room to go up before anything "bad" happens with Bitcoin Cash. Trying to make money both ways here, and there is obviously risks on both sides. However, I have much more faith in the short if I can get a good price and will adjust my positions after. Will keep updating this idea as things will change and most likely the chart will not play out exactly as I think it will as of right now. Technical As Bitcoin is consolidating I am looking to make small long today with my eye out for the 0.5 FIB (1553USD). Opening up at 1230 and closing it out a little below the FIB at 1520 USD. From there I predict we might see a head and shoulders as Bitmex onloads their BCH on the market. It might be a nice place to make swing trades, but I am just looking for a nice place to open a short after I have closed my long. The 0.618 FIB is 1848 USD so if I can get a short position at 1800 USD I am very happy. This position I will hold and watch the supply increase while price slowly goes back to support at 600 USD. Buying a little over as usual, 650 USD is a number I like. As mentioned, things will most likely not play out exactly as I am thinking right now, but I will keep updating as we go along. Not a big long position on me so no need for stop loss on that one, but will obviously need one on the short if that gets opened. Most likely at 2050 and 2500 but lets take that when the time is right. Numbers Long Position - 1230 USD Close Long - 1530 USD Short Position - 1800 USD Close Short - 650 USD.
BLong
by Kryptokelly
31