Bitcoin Cash - #3 in Market Cap and Volume for a Reason
In regards to fundamentals and news and all that, I've only been up for a half an hour but it looks like there's not much to report. Bitcoin Legacy had a big bounce back to ~$11,000, and a lot of markets, including Bitcoin Cash, followed. I'd imagine the bounce, in what should be a correcting market, was caused by a combination of Tether and insider knowledge of the announcement that just came out:
Yay! Regulation is coming! Wall Street is embracing us and we're all going to make so much money!
-Social Media Trolls/PR Shills
In any event, it is what it is. For Bitcoin Cash, price action makes a nice recovery. I believe price action recovering in tandem for Bitcoin Cash is a sign that Operation Dragon Slayer has some truth to it, as Cash must be kept within reasonable lockstep for mining profitability parity.
In a rational market, at this point, Bitcoin Cash should dump and dump hard with public sentiment being poor while Legacy rages to new highs on the back of Wall Street heroes, so there is indeed more than meets the eye here.
After all, shitcoins and Korean pump and dumps don't consistently trade, day after day, as the #3 coin by volume and market cap, every single day, do they?
Regardless, price bounces from the resistance line of a red Kumo on the 1H, the 0.236 fib of the current price discovery, and is forming what appears to be an inverted head and shoulders, which is often a continuation pattern for further upward movement.
Willy21 EMA/RSI shows a healthy pattern, Stoch shows a pattern consistent with an IHS recovery, and momentum and volume show healthy recovery.
Before we get to trade structure, this is a chart I Tweeted this morning contrasting the Bitcoin Legacy and Bitcoin Cash blow off tops:
You tell me how much merit there was to arguments that Bitcoin Cash was a Korean pump and dump, or this was all done by Roger and "Jihad".
Hint: Bithumb/Bitflyer (Korea and Japan) led the charge to $10,000 USD nearly a day before the rest of the world caught on.
Also, OpenBazaar recently had a poll for which coins to introduce as payment since Bitcoin Legacy had, unsurprisingly, become completely worthless to transact on for most merchants. Bitcoin Cash and ZCash were chosen. Here's a nice Tweet showing Bitcoin Cash with a healthy 1 cent fee on transaction:
Another bullish sign. Archive.org is running their yearly donation drive and is taking both BCH and BTC.
BCH is killing it.
Yours founder, Ryan X. Charles, couldn't have said it any better:
Another business joins the foray:
They have some nice Bitcoin Cash merch on their site. If you're in the UK area, show them some love.
Trade structure and strategy after the jump.
While we're here, I wanted to thank everyone for their support and generosity on previous trade structures and yesterday's article. I know money doesn't come easily.
Stop the Organ Harvesting Persecution of Falun Gong Practitioners by the Chinese Communist Party:
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