The terms Bitfinex published for the upcoming B2X fork, may have started a chain reaction that is putting pressure in all coins that are paired against $BTC, as people borrowing $BTC, will also owe $B2X tokens after the Nov. Fork. Pair this with a lack of liquidity in $BTC from people withdrawing to receive the Bitcoin gold airdrop, and you have an explosive catalyst for a short squeeze in everything against $BTC. If I'm right, $ETHBTC -and everything */BTC- will melt down, and $BTCUSD could reach heights between 6300 and 9700 quickly, leading to an spectacular blow off top by Nov. 18th, as people return to exchanges to drop thier B2X and chaos breaks loose, with not 1, but 3 BTC forks in existence competing for the top dog spot.
Miners will be severely divided by then, and I think the outcome could have disastrous consequences in the short and intermediate term, but, after the bear market ends, we might resume the uptrends in these instruments. Best of luck if shorting here, keep a tight stop and let it cruise. At least, swap alts for $BTC and wait for $BTC top if long crypto.
Cheers,
Ivan Labrie.
Miners will be severely divided by then, and I think the outcome could have disastrous consequences in the short and intermediate term, but, after the bear market ends, we might resume the uptrends in these instruments. Best of luck if shorting here, keep a tight stop and let it cruise. At least, swap alts for $BTC and wait for $BTC top if long crypto.
Cheers,
Ivan Labrie.
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This is shaping up like the previous fork, post DAO debacle in $ETHBTC
We had a support tested multiple times then...
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The uptrend in the ratio vs BTC runs out of time in the monthly this month...this is an ominous signal, paired with the weekly breakout. I aim for the 0.0151 zone.
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Weekly expanded the range here, strong selloff.
Weekly expanded the range here, strong selloff.
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If the trend is down this level shouldn't hold:
s3.amazonaws.com/tra...shots/i/i1HG5Fpp.png
s3.amazonaws.com/tra...shots/i/i1HG5Fpp.png
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ETHBTC might have bottomed today, I covered my shorts in profit and went long ETHUSD with margin (my spot holdings are still in BTC).
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Watching...holding ethusd margin longs only, but interesting to see where $ETHBTC tops.
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Back to this scenario...I'm flat $ETH, but it looks bad.
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It seems like going long $ETHBTC could be attempted in a few weeks, but price likely will fall more first
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Since we hit target #1 it could bottom here, I'm wathching, to see how fundamentals evolve here. I don't yet reccomend buying but also don't reccomend shorting anymore.
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I caught close to the bottom, and went long, closed near the top, down in USD but won 60% more BTC. Now it might go down once again:
