A very simple idea. No shoulders, no waves, no cups or flags. Just logic. There are 33000 BCH coins in shorts on Bitfinex alone. 25000 of them entered in the past 5 days. This means that a good half entered below 1000$ and they are under water. And bitfinex is typically a good indicator of what is going on other platforms. So, where shorters are going to surrender? Probably above 200ma line on daily candles and BCH is already knocking that door.
Sure, bitcoin can start going down as soon as institutional investors will come back to their offices tomorrow and drag all other currencies with it. But what if it won’t? What if BTC will go sideways for another day or two? Would it be easier for a whale to bring the price of BCH $400 down knowing that there are bujillions of tokens in shorts or just some $70-100 up? As soon as the first shorters will start getting liquidated you will see a huge HUGE short squeeze.
When lemmings cluster together they are an easier pray for hawks. So, what do you think hawks will do? Check out shorts over here: tradingview.com/chart/GYMayUfg/
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Well )) I got to admit shorters are pretty persistent. Those that entered 5 days ago got destroyed but just as many new shorts got added. At this point pretty much everyone who started shorting before today is under water but no one is closing.
Looks like shorters decided stand their ground till the end :) These people reaaaally believe (hope?) it is going to go down like right now. I wonder what will happen if whales add another 100$ to the price ><
Look how the volume from Bithumb moved to the 3rd position in the ranking. It was like 12th or even lower a few days ago. Let me remind that Bithumb is the place where big pumps are often coming from. This exchange was the main driver of all major BCH pumps including the one that move it 0.5 BTC per coin.
Thanks for this perspective. Been looking at BCH today. Wanted to short myself. Not you got me wondering.
scinar03
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@alexcph, Good thing you didn't my friend. Never short parabolic rallies - just when you think that the price is outlandish it will put another 50-100% up.
alexcph
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@scinar03, yep! I got long bids in currently in fact.
@astrologychick, I mean definitely, I understand the long term 'battle' and that BTC/BCH is ultimately all that matters. I own BCH simply because I believe that people who are backing it are greedy, smart, powerful, and cunning. That's enough for me to invest.
Here, I was just outlining the immediate status quo: with BTC keep going sideways BCH is free to go up (like any altcoin) and it caught THOUSANDS of shorters in a trap. They are all desperate and if BTC continues going up or sideways they will have to capitulate because I don't think they can withstand another 100$ raise.
astrologychick
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@scinar03, Interesting pov. I hadn't thought of that as I rarely pay any attention to the shots and longs. My opinion of those guys though is that they are going to wipe themselves out in this unpredictable market - unless they are the ones running the manipulations.
scinar03
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@astrologychick, Dude, shorters still didn't close their shorts. Still! I have to admit - whoever entered these shorts have balls (and a lot of money) because they held it all the way to $1600 and didn't get liquidated. But this also means that if BCH will reach about $1000 or less they will close and pump the price back up. Shorters don't even think about making any money right now. They just hope to lose as little as possible.
ShaunPickett
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I am long so I hope the upward movement comes soon.