Bitcoin Cash - Distractions Abound; Slow and Steady Win the Race
Updated
Full post with trade structure on my Yours (in my signature)
The reality of the situation in crypto today is that there is much danger and calamity.
Mount Finex is crumbling and becoming ever more sketchy and ever more dangerous each day. It would appear to me that perhaps, with their new minimum deposit requirements and only processing LTC withdraws quickly, that perhaps they are not solvent.
It would also appear to me that many of the pumps that are happening in crypto are related to Tether, are for the purposes of pumping the alt-BTC ratio, and exiting the market on inflated pairs via KRW, JPY, and USD fiat exchanges.
The reality is that on Friday, South Korea will announce “measures on cryptocurrency trading” according to a Reuters report that is citing a central bank official.
twitter.com/ReutersWorld/status/940743661108723712
Yesterday’s market dump seemed to be related to that news. Markets have since recovered.
But, as we’ve discussed in great detail, Bitcoin Cash is the one crypto on the entire market that has the strongest fundamentals.
Why?
Because Bitcoin Cash is Bitcoin. Except it works.
This is going to prove itself to be a bigger and bigger deal as the future plays out.
Bitcoin Legacy (BTFee™) does not have a well functioning blockchain.
Fees are still 660/BYTE, a mere 2,900%+ more than Bitcoin Cash
Average confirmation time on the BTFee™ network is at a relative low at a meager ~270 minutes.
Ethereum has proven that it cannot handle itself under the load from even one widely-used smart contract.
Litecoin as discussed, is a very centralized coin in terms of its distribution and its fees, and while albeit much cheaper than BTFee™, is considerably more expensive than Bitcoin Cash.
And although amidst major market correction, in the absence of a Cashening or a Dragon Slaying scenario, Bitcoin Cash will dump along with everything else, it’s still one of the the safest, if not the only safe bets on the market to hedge your value and your risk in.
The reality of price action is that we’ve now had two 12 hour candles close outside of the prior downtrend line. Price action is now retesting the 0.382 fib retrace from the mania blow off top, Tenkan-Sen has crossed Kijun-Sen. And we have a green Kumo twist, albeit slight, on the 12 hour chart.
The breakout is real, and although it’s slower than some of the other coins are experiencing, these gains are major and real and we now have a trading opportunity that is arising.
==
Stop the Organ Harvesting Persecution of Falun Gong Practitioners by the Chinese Communist Party
dafoh.org/petition-to-the-united-nations
The reality of the situation in crypto today is that there is much danger and calamity.
Mount Finex is crumbling and becoming ever more sketchy and ever more dangerous each day. It would appear to me that perhaps, with their new minimum deposit requirements and only processing LTC withdraws quickly, that perhaps they are not solvent.
It would also appear to me that many of the pumps that are happening in crypto are related to Tether, are for the purposes of pumping the alt-BTC ratio, and exiting the market on inflated pairs via KRW, JPY, and USD fiat exchanges.
The reality is that on Friday, South Korea will announce “measures on cryptocurrency trading” according to a Reuters report that is citing a central bank official.
twitter.com/ReutersWorld/status/940743661108723712
Yesterday’s market dump seemed to be related to that news. Markets have since recovered.
But, as we’ve discussed in great detail, Bitcoin Cash is the one crypto on the entire market that has the strongest fundamentals.
Why?
Because Bitcoin Cash is Bitcoin. Except it works.
This is going to prove itself to be a bigger and bigger deal as the future plays out.
Bitcoin Legacy (BTFee™) does not have a well functioning blockchain.
Fees are still 660/BYTE, a mere 2,900%+ more than Bitcoin Cash
Average confirmation time on the BTFee™ network is at a relative low at a meager ~270 minutes.
Ethereum has proven that it cannot handle itself under the load from even one widely-used smart contract.
Litecoin as discussed, is a very centralized coin in terms of its distribution and its fees, and while albeit much cheaper than BTFee™, is considerably more expensive than Bitcoin Cash.
And although amidst major market correction, in the absence of a Cashening or a Dragon Slaying scenario, Bitcoin Cash will dump along with everything else, it’s still one of the the safest, if not the only safe bets on the market to hedge your value and your risk in.
The reality of price action is that we’ve now had two 12 hour candles close outside of the prior downtrend line. Price action is now retesting the 0.382 fib retrace from the mania blow off top, Tenkan-Sen has crossed Kijun-Sen. And we have a green Kumo twist, albeit slight, on the 12 hour chart.
The breakout is real, and although it’s slower than some of the other coins are experiencing, these gains are major and real and we now have a trading opportunity that is arising.
==
Stop the Organ Harvesting Persecution of Falun Gong Practitioners by the Chinese Communist Party
dafoh.org/petition-to-the-united-nations
Note
If you've benefitted from my posts, please take a moment to sign and spread on social media the petition to end the organ harvesting of Falun Gong practitioners by the Chinese Communist Party above.Note
Bitcoin Legacy correction is realNote
Note
New update to trade post on Yours as well.Note
Price consolidates in the buy area on the trade. Starting to look like BTFee may bounce after dipping below its trendline. regaining it, and then retesting it. Maximum whipsaw.
Everything still within parameters of the trade structure.
Note
Update #2 on Yours. Things still looking good for now, although choppy.Note
Update #3 to yours. We are very close to/at a breakout. If you've been following this trade, you're now sitting about 100 points in profit. Congratulations!
Note
Note
Trade structure on YoursNote
Ugh this cut and paste thing on Trading View is annoying. It submits as enter half the time lol. yours.org/content/bitcoin-cash---distractions-abound--but-slow-and-steady-wins-the-race-006824b2af28
Note
$1,800 already. We haven't seen that number in quite some time.Note
Update #4 on Yours. Congratulations to those who have traded the thread. You're sitting on ~$300 in profit and positioned well to deal with the rest of the run.
Pump and dumps have been there to distract you. The shills like webmi, qdoc, and cryptnight that crawl all over our threads talking shit are there to make you capitulate and miss the opportunity.
You need strong hands.
Note
New Update to Yours trade structure. yours.org/content/bitcoin-cash---distractions-abound--but-slow-and-steady-wins-the-race-006824b2af28
Strong, strong breakout.
If you were following this trade you were +$500 profit and we're coming up on target 1.
If you benefit from my posts, please take a minute to sign the petition to end the organ harvesting of Falun Gong practitioners in my beginning post.
Note
Price action nailed our target. If you were following in the trade thread you would have done really well yesterday with 6600/BCH in gains. Currently consolidating. I have to sleep for a while longer but we'll revisit this in a few hours and see if we can find room for further upward movement.
Trade closed: target reached
This trade had its target reached pretty much perfectly. New post incoming for new day's action.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.