I think there's a chance that Bitcoin cash starts basing here, to eventually break out to the upside and surge. I'm buying and selling in this range, but mostly trying to keep exposure to it, and reduce my cost basis with the profitable trades I have made and will continue making. There's a fundamental price floor, below which, BCH would be liable to attacks by other miners, and also, there's the notion that if bitcoin.com and ViaBTC mine it, we can assume price will be somewhat stable until it starts being profitable to mine it. My estimation is that miners won't let the mining of BCH become profitable until they accumulate enough of the airdrop.
The opportunity for them is massive, imagine being able to absorb all the airdrop or most of it, from weak hands cashing out, when you know in advance you have future plans in store, and good support from other miners. Some core devs are saying the miners have no real power, but I disagree wholeheartidly. China also holds a lot of power and influence, and I wouldn't be surprised to see BCH surge as XBT tops after the end of the current weekly uptrend. What isn't clear to me yet, is how the NYA signers will approach the deadline to hard fork to increase block size. In any event, and thinking of all possible outcomes, what I see is chaos and disruption of the current status quo, which already started with the birth of BCH.
Best of luck,
Ivan Labrie.
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BCHBTC will probably remain in a sideways range until sufficiently accumulated Upside is significant as seen here.
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We broke the resistance finally...will be interesting to see how it evolves.
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The fact that the Poloniex airdrop took place today, yet price didn't drop, indicates people negativity is not correct. I think this is being accumulated, miners mining at a loss are not dumb...it's not only attackers I believe.
I rebought my BCH stake from the airdrop at 0.0964
My exit was over 0.13.
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I'm out of BCHBTC, had bought recently at 0.092. Exit: 0.1156
The trend is up for 8 more days at least, fundamentals are now interesting, with the 2x team cancelling their segwit fork coin, maybe they end up teaming up with Jihan and Ver and propping BCH...
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Enter Chaos and disruption of status quo...
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Equal number of BCH and BTC basket has upside left. This basket could reach a target of over 14000: If BTCUSD maxes at $9750, this would put BCHUSD at 4275.93...just food for thought.
@Pato99, yes, I like the people freaking out and hating it so much. Yet it holds here, accumulation 100%. I want to hold 20% of my account at least in it.
elesdyzer
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Profitability is getting closer day by day ....
fork.lol
IvanLabrie
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@elesdyzer, yes....I'm buying dips, selling rallies, but accumulating more over time. Have a 15% stake, risk free.
Merijnnij
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Once again, I'm with you on this Ivan, great analysis.
ALSITRADER
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I would gladly buy some amount here, and forget about it.
Off course amount should be in line with risk management.
IvanLabrie
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@ALSITRADER, yes, I think 5-15%-25% would be adequate. I have been buying and selling my original stake, and started accumulating more, while banking profits from this and other margin trades. So, essentially, the trade is risk free.
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@IvanLabrie, There is round bottom forming on shorter time frames.