For all of the people who have been deceived this last week into selling their Bitcoin Cash below $1,500 and at BCHBTC ratio levels as low as 0.13.
Those are now locked in losses that are hard to recover.
Regardless, we have ourselves a real, high breakout of the major downtrend line, have retaken on the 0.236 fib, Kumo twists green... literally all the indicators show nothing but strength.
Next stop? breaking/regaining the $1750 area and the uptrend line from the current run.
I've posted a brand new Yours. This article does not have a trade structure and is all research and analysis, including a new perspective on the infamous Operation Dragonslayer.
Thank you guys so much for your support and taking the time to read my stuff. I really appreciate it.
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Price action currently sits in an ascending wedge that is slowly breaking down. Expecting it to, if it follows the recent patterns, drift sideways/up/down for a while before further movement.
If there's interest in a trade structure for this price action, please reply to this thread and let me know.
Last trade structure both had its stop hit amidst the dwindling volatility and had its take profit hit.
Price action is looking healthy and it looks like we have an opportunity for a long trade, although there may be a major bump along the way...
It appears to be beyond obvious that Bitcoin Legacy is actually being pumped by Tether/Finex/Blockstream while Bitcoin Cash is not
(670 - 140) * 3.3 = ?
Check the post for conclusions!
Teaser is wrong. Conclusions in post are still right.
Help, I'm alive!
The good news? Trade still within parameters. No need to panic.
I should have clarified that. My bad.
Price action looks the same among many coins
But is still within the parameters of the trade so long as consolidation at this level persists.
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Right now almost all markets look the same. It's a difficult time to trade.
The big significance of this in my opinion is BCH now has a major fiat off ramp. All there was before was Kraken, which is... difficult to use... at best...
Right now I'd say most likely when the whales are happy with their inventory size that things will proceed.
For now, things are a little sleepy.
Ain't Tether great?
That being said, if you understand what Bitcoin Cash is, you will see it as an opportunity to build a position rather than an opportunity to sell a position.
But I leave that to you to decide.
Right now BCHBTC ratio is being dumped. BTCUSD is being pumped. Alts are being pumped, which means ALTBTC pairs are being pumped.
Seems the money is flowing Alts --> BTC at a high price, while BCHBTC is conveniently a very low price.