Bitcoin Cash (BCH) Another possible rally, short into news.
Updated
Bitcoin Cash had a nice rally after news of a possible hard fork on November 15th.
Despite the good news, keep in mind after BCH has its rally, it will likely drop to normal price. Looking at Zcash, which also had a hard fork in June, it had a rally during news and declined since. I am expecting the same for BCH.
For now, you may choose to long Bitcoin Cash with a stop of 0.0725 on BitMex, and have a short order near 0.0790, if you believe Bitcoin will continue to rally.
Personally, I believe a short with a stop loss above the high will be a safer trade.
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Despite the good news, keep in mind after BCH has its rally, it will likely drop to normal price. Looking at Zcash, which also had a hard fork in June, it had a rally during news and declined since. I am expecting the same for BCH.
For now, you may choose to long Bitcoin Cash with a stop of 0.0725 on BitMex, and have a short order near 0.0790, if you believe Bitcoin will continue to rally.
Personally, I believe a short with a stop loss above the high will be a safer trade.
Thanks for viewing!
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Awesome so far. Short stopped out while long in profit.Note
Take some profit or have stop loss below new bear fractalNote
Rally starting to weaken.45 on mex would be a good place for a stop loss or reduce position.
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Looking a little weak right now.Note
I would consider entering short if we get another rally.Note
Another rally happened. Huge bearish divergences right now.790 is ideal short zone but you can start entering near 770.
Trade closed: target reached
If you longed you would have made over 8%. I longed a bit later into the rally near 751 so I'm up 5%. Currently looking at shorting.Note
ON SECOND THOUGHT, LONG NOW.
Trade active
Short squeeze of epic proportions may be here.Note
It may not take is 50% like XRP, but still might get a final rally.Note
New chart updated. Long is in very good profit.
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