DrJLT

BCH trading within range & falling against BTC

BITFINEX:BCHUSD   None
History is repeating itself!

I think it was @imkeshav (not certain) who first suggested this weeks ago. I was in disagreement, but now it seems to become reality.

BCH is likely to trade sideways for January w/ at least one fake out & one spring (Wyckoff accumulation). Monthly EMA will provide some support, too.

This makes for a good range-trading. Particularly, if it crashes hard & touches $2k -> good opportunity to get in for mid-term gain, at least to $3k & if breakout -> $5k.


Also check out my website: http://www.jlteng.com
Comment: Indeed quite weak. I have a feeling it'll be pumped (lightly) before this week ends, but it probably won't touch 3000. Then it'll fall even deeper.
Comment: touched the lower end of the range. perhaps a small rescue pump will take place within the next 24h
Comment: seems like today is the pumping day. I don't think it'll go much high, but a fake out is possible.
Comment: the crash is so hard I don't think any chart could make sense for some days.
Comment: Since I linked to this in my BTG post, just another update:

I admire the BCH team's spirit, but the market doesn't view it much differently from BTC. Its ASIC addiction could also be a problem in the future.

Nevertheless, now may be a good time to start looking at it. Major pump could be just around the corner.
Comment: Didn't expect BCH pumping so soon, but I guess b/c it was one of the hardest hit it'll recover to above $2200. Still not convinced it can go above 0.2 BTC, though.
bitcoin cash is bitcoin yes but they are both screwed imho ;-)
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DrJLT Doc-al-Citadel
@qdoc, long-term yes. short-term a pump may be coming, but I don't think it'll stand above 0.2 BTC. So the room is limited. It needs to stall a bit first, after btc gets above 25k. All wild guesses of course.
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Very good call, thank you!
Do you see some intentionality in btc drops when bch is breaking up?
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DrJLT Jolgan
@Jolgan, don't quite understand your question?
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Jolgan DrJLT
@DrJLT,
I mean if you consider it's possible that some big btc holders dump the market when they see bch is threatening btc dominance?(In case that is possible)
Or on the other hand, it's simple market movements.
I ask because I've noticed most of bch pumps end with btc dumping the whole market.
Reply
DrJLT Jolgan
@Jolgan, Yes, I think that's very likely. I noticed that too (they're not hiding it). Also shills will come out.
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Indeed, it looks like a pomp. Keep on doing the great analysis!
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