BTC BCH "The Cashening" Pump & Dump Analysis - BTC Bear Possible
The BTC/BCH Pump & Dump is an interesting aspect of the amount of manipulation that can still occur within the "Large Cap" Coins. Macro forces are definitely in play within this particular movement.
"The Cashening" seemed like an opportune moment for BCH community/stakeholders to push for a market grab, due to the instability that Segwit2X caused.
However, we are now seeing the reversal due to:
1) BCH Hard Fork being implemented (13 Nov) = People are no longer as incentivised to hold BCH for the airdrop
2) BTC Mining Hash Rate became more profitable in the last day or so (12/13 Nov) - therefore miners moved to where the money was
3) BTC Price hit the ~$5850 USD Support and the market dictated it wasn't ready to proceed past this to the 100d MA of ~$4950 (YET)
Now looking out for:
1) Market Movement based on the MACD creating an "M" Market Structure - may indicate bear market to commence shortly
2) Alt Coins have seen a rally from the BCH retreat - may pose a good time to purchase Alts if BTC bear commences
Neutral because this could go either way at the moment.
****You should carry out your own research and analysis before investing****
"The Cashening" seemed like an opportune moment for BCH community/stakeholders to push for a market grab, due to the instability that Segwit2X caused.
However, we are now seeing the reversal due to:
1) BCH Hard Fork being implemented (13 Nov) = People are no longer as incentivised to hold BCH for the airdrop
2) BTC Mining Hash Rate became more profitable in the last day or so (12/13 Nov) - therefore miners moved to where the money was
3) BTC Price hit the ~$5850 USD Support and the market dictated it wasn't ready to proceed past this to the 100d MA of ~$4950 (YET)
Now looking out for:
1) Market Movement based on the MACD creating an "M" Market Structure - may indicate bear market to commence shortly
2) Alt Coins have seen a rally from the BCH retreat - may pose a good time to purchase Alts if BTC bear commences
Neutral because this could go either way at the moment.
****You should carry out your own research and analysis before investing****