Today we long BCC (Bitcoin Cash). Developers around Bitcoin Core acting like dinosaurs. 3 years cannot implement blocksize increase. Stick with Jihan on this.
I agree with the overall idea, however, I would edit your Entry Point and Stop-Loss.
There was a lot of arbitrage trading going on between HitBTC and Bittrex in recent days. Some whales are still waiting for Huge transactions to be accepted on Bittrex now (needs 20 confirmations which lasts DAYS)... once they receive their BCC to bittrex (every time new block is discovered), they tend to dump immediately huge portion of their BCC.
This process finished at the point where the difference between exchanges was erased and whales stopped trying to arbitrage (block 478617) so we should wait 20 blocks from that point, because that is how long whales have to wait before they can use their BCC again on bittrex and panic-sell (blockdozer.com/insight/blocks) = before block 478637 there will be no more dumping and BCC will see a strong correction.
It may however reach a 0.069 stoploss in between, which is still a great BUY opportunity. I would say accumulation anywhere at 0.09-0.055 is OK before block 478637. After that we should sell at several TPs... I would recommend selling some at each level 0.12, 0.15, 0.2, ...
oldstout
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@DailyCrypto, Very interesting and smart ideas. :)
MarcelV
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@DailyCrypto, Yes you are right, the 0.09 zone was fake buy zone. Whales did show strength on 1-hour and confirmed reversal. But on 4H and Daily they managed to fuck things up and push it down 0.06-0.08 battle zone, where they are now buying really cheap coins. Do we know if this is the floor? I don't care that much, we will go higher very soon. My TPs are where the S/R levels reside: 0.155, 0.205, 0.4
DailyCrypto
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@MarcelV, We may see couple more bounces to 0.71, 0.59 and eventually 0.52 support lines, but it is unlikely. Nothing is stopping a correction now, except for BTC approaching 3500 resistance level. After BTC fail to reach that level we should finally see upward movement.
If we get a chance to enter long positions for BCC at 0.07325 or lower, we are in for more. If we get a chance to enter at 0.61 we are selling our house.
If we sold a house, then we can buy it back at 0.08385 eventually and sell it again at 0.07325, or we can skip that part and just hold and wait for 0.1/0.15+
There was a lot of arbitrage trading going on between HitBTC and Bittrex in recent days. Some whales are still waiting for Huge transactions to be accepted on Bittrex now (needs 20 confirmations which lasts DAYS)... once they receive their BCC to bittrex (every time new block is discovered), they tend to dump immediately huge portion of their BCC.
This process finished at the point where the difference between exchanges was erased and whales stopped trying to arbitrage (block 478617) so we should wait 20 blocks from that point, because that is how long whales have to wait before they can use their BCC again on bittrex and panic-sell (blockdozer.com/insight/blocks) = before block 478637 there will be no more dumping and BCC will see a strong correction.
It may however reach a 0.069 stoploss in between, which is still a great BUY opportunity. I would say accumulation anywhere at 0.09-0.055 is OK before block 478637. After that we should sell at several TPs... I would recommend selling some at each level 0.12, 0.15, 0.2, ...