RiversAndMountains
Long

Bitcoin Cash - Finally Light, But It's a Complicated Situation

BITFINEX:BCHUSD   Bitcoin Cash / U.S. Dollar
(Verbose details and optional trade structure on Yours (in my signature))

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 bullish flag 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.

==
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Comment: Trade structure on yours has:

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.

https://twitter.com/themerklenews/status...
Comment: New update on Yours. Read past Korea news. Small update on price action. So far, this is normal.

Something else is less normal, though.

$55,000,000 more Tether just printed.
Comment: Looking good for further upward movement



If you were following the trade structure, you now have a very nice beginning entry point to the trade.
Comment: Bullish flag pattern still on. If you're following the trade, you're now sitting $100 points in profit and we're looking at an additional opportunity to add 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?
Comment: New update to the Yours trade thread.

https://www.yours.org/content/bitcoin-ca...

Looks like we have ourselves a breakout and stage 2 of the accumulation portion of the trade has looked pretty good.
Comment: Caution friends. Tether is starting.



New update coming in a couple minutes to Yours
Comment: New update on Yours for trade thread.

BTFee mooning is real and it's going to affect all markets. Caution should be exercised and Tether should not be underestimated.
Comment: There is chatter on Twitter right now that Mount Finex is legit compromised. Possible False Flag.

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.
Comment: Update to trade structure on Yours. Overnight consolidation gives us an opportunity to build a trade, as we may see a reversal pattern.



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...
Comment: Small update. Consolidation looking healthy
Comment:

Update to Yours post as well. Looking like we're in a good spot to build on our long trade for further upward movement.
Comment: Soon, soon.
Comment:
Comment: No new update to Yours, but if we get a close above the target line we have another opportunity to add to our position.

Bitpay is now accepting Bitcoin Cash as a card/payment processing solution.

Yeeeeeeeeee.

https://blog.bitpay.com/multiple-blockch...
Comment: New update to Yours trade post

https://www.yours.org/content/bitcoin-ca...

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.
Comment:

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.
Comment: New update to Yours post.
Comment: Update to my Yours post with key areas and strategies for handling price action when we get there.

Remember when $1,850 seemed far away?

https://www.yours.org/content/bitcoin-ca...
Comment: Bitcoin Legacy was trading for this price in the first 6 months of this year.

Think about that.
Comment: Update to the trade thread. BTFee™ may have some moon coming to it, so we need to be careful.

If it moons, expect numbers like $25,000.
Comment: New update to Yours. BTFee™ reaches a new high and yet Bitcoin Cash does not dump.

Trade still active.
Comment: No updates because, well, there hasn't been much to update. I am a little surprised that both ratio and USD holds well while BTFee pumps.



Breakout point at this point is denoted on the graph. Don't underestimate BTC. There is more coming.
Comment: I expect Bitcoin Legacy to break the $20,000 mark today and it may do so on major velocity. It is unclear how it will affect Bitcoin Cash pricing, but if it knocks the ratio pairs down on all other coins again, then the USD prices will also correct.

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.
==
Stop the Organ Harvesting Persecution of Falun Gong Practitioners by the Chinese Communist Party

https://dafoh.org/petition-to-the-united-nations
I kept to the original trade and sold Half between 1975/2070. Should we still buy back at the dip? (if there's one)
+1 Reply
@simpar19, Let it settle for a few hours. Last time they did this they pumped BCH and then dumped it and pumped BTC to a new high.
Reply
Expecting another bloodbath tomorrow? Good to sell now and increase position tomorrow?
Reply
@ErnestEA, I think the action on BCH the last 22hrs is bullish. Bitcoin is up 9.8% and BCH is down only 1.8%. Previously if Bitcoin pumped around 10% BCH would be down around 10%. Also Bitcoin is approaching the 20K USD figure. There is a good chance it will find some resistance there and not just blow straight through it to higher numbers.
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.
Reply
Avonleigh HarveyWallbanger
@HarveyWallbanger, Fantastic.. I too am seeing BCH Healthy at this stage. If BCH were to continue downward, i'd expect a bounce back from around 1720.

Greetings from New Zealand.
Reply
Hi guys,
I'm new to Crypto and TA, So please correct me if i'm wrong.

If the next hourly candle closes above the down trend line, we could be looking at a possible bullish run. However, need to break above $1868 for confirmation.

Reply
Avonleigh Avonleigh
Reply
@Avonleigh, BCC is the ticker on Binance and Bittrex for better or for worse, even though Bitconnect uses that ticker.
Reply
Comment removed
@qdoc, Thank you for coming here to subvert the community with Garzik's bullshit.
+1 Reply
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