RiversAndMountains
Long

Bitcoin Cash is the Greatest Bear Trap of All Time

BITFINEX:BCHUSD   None
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: https://twitter.com/iamjosephyoung/statu...

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: https://www.reddit.com/r/btc/comments/77...

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.
Comment: Bittrex Statement on Bitcoin Gold instead of the Twitter link:

https://support.bittrex.com/hc/en-us/art...
Comment: Found this in post history of a fellow from when Bitcoin was originally $1,200:


Familiar?
Comment: 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.

Comments

BCH = <3
+3 Reply
Please clarify this, on the entry #23 at https://bitinfocharts.com/top-100-richest-bitcoin%20cash-addresses.html I see 44000+ BCH purchased on Oct 9th and not yet sold. Am I reading this accurately? I also see other large entries in oct when the price comes to below 330. Does this mean that large whales believe that 330 is an excellent price to buy and hold?
+2 Reply
@imkeshav, Whales have been buying all the way down. At least the whales that are behind Bitcoin Cash are. Smart money doesn't build long positions on coins that they can't make money on.

Also keep in mind everyone that had BTC on August 1 also had Bitcoin Cash on August 1.
Reply
Great job. Im looking forward for an update
+1 Reply
Beautiful :x.
+1 Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out