Bitcoin Cash - Daybreak
It's been a while since there's been an opportunity for a long trade on Bitcoin Cash, in terms of what's safe and responsible to call at least.
Looks like we've found that situation.
BCH has diverged from BTC primarily because the BCHBTC pair has finally broken out above 0.18, Market Makers have absorbed the dumps, and have continued to push price up.
BCHUSD price has followed in kind. Perhaps we are seeing operators and retail players show their hand early in 2018 as to what their intentions are between both Bitcoin chains.
Bitcoin is a demand backed currency and the reality is that demand is waning as the fees and unconfirmed transaction issue continues to persist. People are looking for alternatives, and that's one of the reasons coins like Ripple and Ethereum have gone on pumps.
Bitcoin Cash was, is, and always has been a scaling solution for Bitcoin. Although I don't have the time in this post to illustrate this, if you take a dig through history you'll see that Bitcoin Cash is merely a trade name for a user-activated hard fork proposal to scale Bitcoin. Segwit and Segwit2x were also user-activated soft/hard fork proposals.
Bitcoin is genuinely decentralized, regardless of how Blockstream would like to twist that narrative. Because of that, nobody owns it and can control it. The solution play always is and has been to fork during calamity in Bitcoin's future, and market demand and miner investment will determine which chain lives, and which chain dies.
That's what we're amidst today.
This trade is best traded on a 6H candle closing above the wedge line at $2,550
The basic post can be found in the TradingView link above.
In this post there will be:
- Trade structure, strategies, stops, and targets
- Insights on the Bitcoin Cash futures market
- Insight into the situation with a possible black swan for Bitcoin Cash
- Multiple updates as price action progresses and as news progresses
Average trade structure post so far has gone on for 24-48 hours and has had ~10+ updates provided along the way.
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