Right now there is a lot to be happy about. Bitcoin Cash just revisited, for the first time since the November run, the $2,000 mark. It's not a surprise it was sold off after a manic +30% run, and is now consolidating. This is very normal and this consolidation may continue for a while before further upward movement.
The reality of the situation in crypto right now is the following.
South Korea, as said before, is holding a meeting or has held a meeting, can't tell which, but is announcing what measures its taking to regulate/control the crypto market "Friday".
Mount Finex has printed themselves an additional $125,000,000 Tether.
Yet, despite that, we are in a pattern after a major break out, which is a continuation pattern that indicates further upward movement.
Fundamentals are critical, but for daily trading, technicals are what matter the most, and we have them.
Check my Yours post for more info.
Stop the Organ Harvesting Persecution of Falun Gong Practitioners by the Chinese Communist Party
Trade structure, strategies, stops, and targets
Insights on the Bitcoin Cash futures market
Insight into the situation with Bitmex
Multiple updates as price action progresses and as news progresses.
Price action is currently within the buy zone in the strategy, although it is prudent to look for bounces at the moment.
Also, bullish news out of Korea. Unsurprisingly, it doesn't appear they're banning crypto.
Something else is less normal, though.
$55,000,000 more Tether just printed.
If you were following the trade structure, you now have a very nice beginning entry point to the trade.
Caveat being BTFee can pump at any time with the Tether that's been printed.
$1850 is a great price for Bitcoin Cash though isn't it?
Looks like we have ourselves a breakout and stage 2 of the accumulation portion of the trade has looked pretty good.
New update coming in a couple minutes to Yours
BTFee mooning is real and it's going to affect all markets. Caution should be exercised and Tether should not be underestimated.
This is something I have thought is the case since the Tether hack and the day everyone got margin called and NEO and OMG and ETP etc dropped to bottoms.
I cannot advise for long trades at the moment because of this. That being said, don't sell your core position in panic.
Stay calm and watch the situation. Chatter is still only chatter.
Will keep trade thread updated as opportunities arise.
BTFee has hit a new all time high, but it's not a big gain. I expect further upward movement, but if it can't find that, this may be the top.
$200MM Tether makes me feel like it's probably not the top, but...
Update to Yours post as well. Looking like we're in a good spot to build on our long trade for further upward movement.
Bitpay is now accepting Bitcoin Cash as a card/payment processing solution.
The whales have made things difficult with all the fakeouts, but, our strategy persists and has actually been pretty much immune to the noise.
We still consolidate and patiently have our structure in place.
Okay, now we get an opportunity to add to our position per the plan after break-even stop was hit during yesterday's downswing.
I do recommend always waiting for a 1H candle to close above any line. That being said, if it moves fast, use your discretion.
Think about that.
If it moons, expect numbers like $25,000.
Trade still active.
Breakout point at this point is denoted on the graph. Don't underestimate BTC. There is more coming.
No reason to believe that a sudden DragonSlayer event is going to happen, but the BTFee™ difficulty adjustment that's coming today is going to have a major, major effect on the market, in my opinion.
I have a new article up for trading Bitcoin Legacy in my Yours.
For this trade, I would advise, at present time to exit long trades in profit/break even and stay flat until CME Futures opens Monday morning.
I do not recommend selling any of your core holdings.
In the coming days I think we are headed for higher price in BCH, not a bloodbath. We have just broken upside out of a triangle pattern and are consolidating just above the triangle providing juice for a move further upward. This is bullish action for now imo.
Greetings from New Zealand.