Bitcoin Cash - Finally Light, But it's a Complicated Situation
Right now there is a lot to be happy about. Bitcoin Cash just revisited, for the first time since the November run, the $2,000 mark. It's not a surprise it was sold off after a manic +30% run, and is now consolidating. This is very normal and this consolidation may continue for a while before further upward movement.
The reality of the situation in crypto right now is the following.
South Korea, as said before, is holding a meeting or has held a meeting, can't tell which, but is announcing what measures its taking to regulate/control the crypto market "Friday".
As of time of writing, it's currently 10:30 in the evening on Thursday.
To put into some perspective on how big of a deal this is, take a look at Bithumb total volume versus Mount Finex total volume.
Nearly the same, yet Bithumb is heavy Ripple and Bitcoin Cash trading. Bithumb is a market leader and the South Korean market is a big deal.
As of right now, unconfirmed transactions on the BTFee™ blockchain are back to ridiculous levels.
And fees are again reflecting this.
Keep in mind with Bitcoin Cash, so long as your wallet allows you to set custom fees, you'll be accepted into the next block with fees as low as 2 satoshis/byte. The major reason fee metrics aren't as low as they should be in reality is because most wallet software is defaulting to a fee structure required for BTFee™.
Worthy of note in the above screenshot is BTFee™ is sitting at 1.59T difficulty. Why significant?
Because it's going up another 15% in 5 days. Keep in mind difficulty rose last adjustment period by approximately the same amount and it was what fundamentally caused the BTFee™ mempool to congest and backlog, as the same amount of hashpower will no longer find the same amount of blocks after that kind of upward adjustment.
Something to be concerned about is Mount Finex, part of the Blockstream/North Corean cartel, has printed themselves a solid $125,000,000 in Tether in the last 24 hours. The majority of which came in the last 3 hours.
Still think that a Tethered pump and pump of BTFee™ so that it doesn't die to Bitcoin Cash hasn't been happening?
Still think that there's "no risk of a Tethered black swan"?
I've seen some of the posts on Yours in the last few days take a specifically contrarian and hostile approach to what I write and talk about, and some of the more successful clickbait ones have made such a claim.
While I have no objection to the different tactics people can use to make themselves money in this free market structure, and while I have not read the paywall content myself, many of the things described in the preamble are things I find concerning.
Do you realize what will happen when Tether becomes an issue?
There will be no warning.
November 21 Tether announced it was hacked out of the blue.
And the markets responded in kind
Although those numbers look trivial under the current circumstances, that was only four weeks ago. I'm sure you all can recall how non-trivial the event was.
When it happens, the market won't bounce immediately like it did because they shut down the Tether wallet, the currency people on Finex, Polo, Bittrex, Binance, and HitBTC sold their crypto into as they exited all markets.
Think that over.
Do you think printing money out of nothing when you're not the Federal Reserve is something that's going to go unanswered? All of a sudden there's no rule of law in the world?
What will happen is, just like the "Tether Hack", BTFee™ market will flash down $3,000 in 15 minutes and that will only be the beginning as every arbitage bot makes every single market on every single exchange follow.
One of the reasons I post what I post is because I'd prefer to see people not lose their life savings amidst another Mt. Gox.
When people open their articles telling you they have 200 Bitcoin Cash ($300,000 USD) and made themselves an additional 105 Bitcoin Cash (~$150,000) trading against trading advice that is relatively conservative, has a plan, has targets, and has stops, your alarm bells should really be ringing.
Unless you have the opportunity to short sell on margin, you have no ability to make money during a downswing. Advising retail traders to start shorting on Mount Finex, the only place there is to margin trade Bitcoin Cash is like advising a child to put his hand in an electrical socket.
I despise charlatans. If you lose your money listening to bullshit, be responsible to yourselves. The situation at hand is not a drill.
Regardless of all of the above, all of the fundamentals are in place for further long trades. The bull run is not over unless someone shoots it in the back of the head, and while that could be exactly what $125,000,000 in Monopoly money has been created for, who cares?
We never trade without a STOP anyways.
I am doing a new trade thread for two reasons.
- Last thread hit target convincingly with no signs of impending movement to target #2
- Above 24 hours, the threads become very long and hard to read, and hard to update. This is a cleaner solution for a focused situation over the next 2 days to the weekend.
Our last thread, Bitcoin Cash – Distractions Abound But Slow and Steady Wins the Race trade structure worked out perfectly and readers made $600 points during the trade.
Bitcoin Cash - Be Greedy When Others are Fearful trading thread has scored a 91.67% approval rating. I'm grateful to the community for their kindness and support.
Our Litecoin – Play the Pump and Dodge the Dump thread had take-profit, target, and extended target all hit, and received a full 100% score from readers.
I know we haven’t had more than one majorly successful Bitcoin Cash trade in a while, so I’m going to do this one at a discount price of $5.88, which while higher than the last, will still ease some of the economic burden on readers.
In this post there will be:
- Trade structure, strategies, stops, and targets
- Insights on the Bitcoin Cash futures market
- Insight into the situation with Bitmex
- 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.
Stop the Organ Harvesting Persecution of Falun Gong Practitioners by the Chinese Communist Party
42 of 43 reviewers say it's worth paying for
1 of 43 reviewers say it's not worth paying for