First as we mentioned to our followers, if you have a chance to take money off the table, don't hesitate, take the money. This does not mean sell the boat, but heck if you are in from $400-$500, your being greedy not to take some off the table here. We are approaching a major resistance and though there is always the potential to keep flying vertical, how has that worked out so far in your investing career? Nothing like riding it to the top, only to ride it back down again. JP Morgan Said when asked by a reporter if he ever regretted selling a stock too early. His response "I made a fortune getting out too soon".
The 683 has been a target level since early September with overlapping resistance levels between 723 & 792. Sure there is a little more room to run, but it is more than likely we get another opportunity to buy in this area, even if we rally higher, so the risk is to the downside now. This does not mean short BCH' 10/1 on BitMex. This is straddling a fence, and straddling a fence can cause a lot of pain when there is no need to. Some believe that ohhh shorting into a rally like this is a "hedge". No Einstein, it is taking a neutral position no different then selling here. A true hedge would be writing Calls or buying Puts. This is for another article, but shorting on Bitmex as a "hedge" is taking an unnecessary risk.
Bottom line there is no reason NOT to lock in some profits here.
The fork has provided your typical pump and dump scenario. Yet this fork may set a precedence moving forward. It was all fun and games last year, like getting a spin-off from ConocoPhillips , but moving forward these will be faced with more scrutiny and could even harm the blockchain. Why do you ask? Well if the final purpose of crypto currencies is to replace fiat, than stability is going to be demanded by the market.
Merchants and users want continuity and consistency, not drama and insecurity. Mining pools provide security and a group of miners splitting off is simply not good for any coin. This goes right to the heart of de-centralization. Yes these are open source so anyone can copy the code and essentially fork their chain, but this is not Bitcoin Diamond or Bitcoin gold , this is a divorce which is not going to go down lightly. Those encouraging these types of breakups are the problem not the solution.
I mean first you risk losing money when doing a transaction during the hard fork. Second your not sure which chain is going to be the true BCH'. Not something merchants are going to be wild about. Imagine Visa' deciding to do a split, and merchants had to stop processing payment, and ended up with two processors, not sure which one is linked to their bank, or reconfigure processing wallets to take one or both. Too much BS' in my opinion.
In my opinion BCH' just went down a notch. You do not see this type of crap with Dash' or Monero'. Even Litecoin's Charlie Lee came out against Litecoin' Cash. This is the challenge with POW' coins, little skin in the game. I will just take my mining equipment and go over here. This is making a case for Dash and other POS' type coins where miners have skin in the game. Being vested 1000 coins makes it less likely you will just turn and burn, providing incentive to keep the core together. I mean what is next Bitcoin' Cash Flash, and than Bitcoin' Mash?
If cryptos is to become mainstream, they have to act like mainstream payment processors. If I was Team Dash' this would be my marketing to merchants. "Don't know if which one is Cash? Well then maybe you need Dash'!"
In simple words it is time to grow up!
Appreciate constructive criticism and other perspectives are always welcome. Throwing your Bitcoin' chart up there bragging on your latest call is distasteful not cool, but this is an open forum so feel free to Troll. However if you troll at least give me a freaking thumbs up! I may not the expert on blockchain some of you are, but this is how I see it, and would love to hear your opinions.