Friends, before we begin, let us have a moment of silence.
For whom?
For all of the people who have been deceived this last week into selling their Bitcoin Cash below $1,500 and at BCHBTC ratio levels as low as 0.13.
Those are now locked in losses that are hard to recover.
Regardless, we have ourselves a real, high volume breakout of the major downtrend line, have retaken on the 0.236 fib, Kumo twists green... literally all the indicators show nothing but strength.
Next stop? breaking/regaining the $1750 area and the uptrend line from the current run.
I've posted a brand new Yours. This article does not have a trade structure and is all research and analysis, including a new perspective on the infamous Operation Dragonslayer.
Thank you guys so much for your support and taking the time to read my stuff. I really appreciate it.
Good morning and happy trading. Overnight it looks like we managed to hit $1640 while Bitcoin Legacy raced to a new all time high. How complicated!
Price action currently sits in an ascending wedge that is slowly breaking down. Expecting it to, if it follows the recent patterns, drift sideways/up/down for a while before further movement.
If there's interest in a trade structure for this price action, please reply to this thread and let me know.
Last trade structure both had its stop hit amidst the dwindling volatility and had its take profit hit.
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New update on my Yours (in my signature) with an optional and extensive trade strategy for those who are interested.
Price action is looking healthy and it looks like we have an opportunity for a long trade, although there may be a major bump along the way...
It appears to be beyond obvious that Bitcoin Legacy is actually being pumped by Tether/Finex/Blockstream while Bitcoin Cash is not
Hmmmm......
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Teaser:
(670 - 140) * 3.3 = ?
Check the post for conclusions!
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Okay the above math is actually not the conclusion I'm trying to make. This is because I suck with math.
Teaser is wrong. Conclusions in post are still right.
Help, I'm alive!
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First update to the trade structure as well.
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Update to the trade structure thread in light of recent dumps.
The good news? Trade still within parameters. No need to panic.
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Further to the previous update, if this is a situation where you want to "buy the dip" I'd recommend waiting an hour or so to see how the market reacts and confirm it's not a trend reversal before increasing position size.
I should have clarified that. My bad.
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New update to the trade post as the selling continues.
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Update to trade post
Price action looks the same among many coins
But is still within the parameters of the trade so long as consolidation at this level persists.
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New update on Yours. Entering a heated period of time. Perhaps this early sell off across all markets was the prelude?
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New update on Yours. Shoutouts to all the readers. I really appreciate all the people who are subscribed and reading the trade structure.
If you benefit from the post, please take a moment to sign the petition to end the persecution of Falun Gong by the Chinese Communist Party.
Right now almost all markets look the same. It's a difficult time to trade.
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I come as a messenger from the future
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Update #8 for those reading. We are now within a range where we _could_ see a reversal...
The big significance of this in my opinion is BCH now has a major fiat off ramp. All there was before was Kraken, which is... difficult to use... at best...
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Hmmmm....
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Update #10 for Yours readers. In the absence of FUD or disruption, we may have some proper bullish momentum coming.
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Ratio pair is monster troll
Right now I'd say most likely when the whales are happy with their inventory size that things will proceed.
Update #12. The black swan that we discussed has been published and yet BTC monsters forward all the same.
Ain't Tether great?
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Updated trade thread with an update from the source of the black swan.
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I know the market continues to dump. Do not be afraid. There are no promises that sell pressure won't continue and no guarantees that Bitcoin Cash won't enter a downtrend.
That being said, if you understand what Bitcoin Cash is, you will see it as an opportunity to build a position rather than an opportunity to sell a position.
But I leave that to you to decide.
Right now BCHBTC ratio is being dumped. BTCUSD is being pumped. Alts are being pumped, which means ALTBTC pairs are being pumped.
Seems the money is flowing Alts --> BTC at a high price, while BCHBTC is conveniently a very low price.
Can anybody help me understand where the money goes when BTC corrects and all the alts follow suit? I mean yes you can cash out to fiat if you're holding BTC. But all the alts its not so simple.
You cant (as far as i can tell) cash out to fiat from alts from the exchanges, kinda like once you're in you're in. You need to exchange for BTC to get back to fiat. So in that scenario if alts want to correct then that should put positive price pressure on BTC even if it's being sold off. We cant all move to Tether, there is less than 900million available.
So if the crypto market is correcting say 65billion, as was the last correction, and 43% of that is from the alts, then where is all that money going?
ChalifStorch
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@Cherity, if margin longs pop, because you bought before dips, your money goes to the exchange. with shorts, its the other way around, and also goes to the exchange. And they know how to let them pop, because they control tether.
cheretic
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@ChalifStorch, ok that makes sense but how much can that account for? What of all the normal panic sellers money? For it to leaving the alt space it has to be flowing somewhere, and the only way back to cash is thru BTC, maybe ETH aswell. Are there others?
astrologychick
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@Cherity, I have pondered the same thing. On the last 'pullback' last week not only did everything go down at once, but all the major exchanges Bitfinex, Gemini, etc were unavailable and you could not get into an account to do ANY trading at all. Also, at the same time Trading View was ALSO down. DDOS attacks were claimed all around.
The fact of the crypto world is that not only can Tether be used to pump and dump the market, but there is literally nothing stopping all the exchanges from shutting down at once and resetting all the prices DOWN a couple hundred bucks, or a grand or two (with BTC) and then opening up and carrying on as usual. So all the losses go to the traders (and crypto holders) and all the money that disappeared goes to them.
During that time I had my Trading View window open and watched the dump in BCH - the chart literally looked like it had been hacked with a knife. It had a giant break in it.
Now, I realize this is a big accusation on my part - but I seriously see no reason to put it past them. There is nothing to stop them, all these business owners know each other, and there are massive profits for them to make this way. I think they skim the cream off the top of the market.
mcgough_max
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@astrologychick, you are spot on. This manipulation is so blatant only the blind cant see it.
I think the only thing that threatens this control over crypto is BCH - so for me this is just as much a moral battle as anything else. Also, there are a handful of decentralized exchanges coming onto the scene in the next few months which should help. But the real problem is that once there is a group of people who are 'insiders' in any industry then there is nothing to stop them from fixing prices and gouging the regular people.
However, the hash power battle is heating up. We'll see where it leads.
mcgough_max
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@astrologychick, It will lead to BTC HODLrs loosing their azzz and BCH holders being rewarded handsomely ; )
astrologychick
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@mcgough_max, That's what I'm banking on. Hopefully sooner rather than later...
AvgJoe2019
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@mcgough_max, i have been in BCH based on this exact premise...what I am confused about is how BCH is trade following BTC, when does it grow up trade on Its own merrit from here, seems like it started out that way but now trapped in BTC shadow. It seems to me if BTC corrects hard, so will BCH, so, in your opinion given your premise, what has to happen for BCH to truly have its own life?
astrologychick
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@MarcKevinSwickle, I think this is all about the miners and whatever they decide to do and when. But I am no insider. I do know there is a lot of news and changes coming around the 7th which could push BCH upwards. But it seems like we are in no-mans land for now. We just have to wait and see what these miners want to do and when they want to do it.
You cant (as far as i can tell) cash out to fiat from alts from the exchanges, kinda like once you're in you're in. You need to exchange for BTC to get back to fiat. So in that scenario if alts want to correct then that should put positive price pressure on BTC even if it's being sold off. We cant all move to Tether, there is less than 900million available.
So if the crypto market is correcting say 65billion, as was the last correction, and 43% of that is from the alts, then where is all that money going?