Hey fellow Cryptoheads,
It´s getting closer to the 1st and things are really heating up.
Bitfinex & Kraken have both confirmed they will credit any Bitcoin holders with Bitcoin Cash, (BCH).
Kraken even confirmed they that they will enable BCH trading in the following pairs: BCH/XBT, BCH/USD, BCH/EUR.
Bitfinex have yet to confirm whether they will list BCH as a tradable crypto on their platform.
So there is a lot to think about and plan before the 1st of Aug.
I thought I´d put some thoughts down that might help.
Of course the fact that Bitfinex, Kraken and other exchanges have confirmed you´ll get BCH if you hold BTC caused a rush to pick up BTC, therefore causing a nice spike in price for BTC.
At time of post, (Sunday 30th July 2017) Bitcoin currently is sitting at $2,715.
If you take a look at my chart you see how we´ve been bouncing off support of $2,600 and been kicked back down from the resistance price of $2,800. The median of these two prices is $2,700 and quite clearly we´ve been floating around the $2,700 area for a while now, it´s the magnet price that we keep being drawn to.
I´m going to offer my thoughts of how this might, and I stress "might" play out.
I see Bitcoin continuing it´s up and down between 2,600 and 2,800 until the 1st. I don´t foresee any major move happening until then.
On the 1st depending what the majority of users/traders do with their new "free" money, (BCH) will determine BTC´s next move.
I see most people just dumping their BCH as fast as they can. This will be easier for Kraken users but more clumsy for Bitfinex users. I am assuming of course that the now new listed price of BCH is floating somewhere at least in the $100 USD mark or higher. This would make it an appealing price for most users to dump straight off the bat.
If we see a huge big fat red candle for BCH then clearly we´d see a big fat green candle for BTC.
Now one thing we mustn´t forget is that Roger Ver is a big player and has big player friends/miners who all have plenty of BTC ammo to pump his brand new BCH back up if it dumps, if he and his buddies do this, this could fool people into thinking BCH is worth something causing BTC to take a down turn. Worth taking note of.
To summarise: BTC price from now until the 1st will be choppy, hovering around $2,700 area.
Post the 1st of August, some volatility for both BTC and BCH but BTC coming through as the winner and possibly breaking ATH. BCH heading south.
I hope this helps and whatever happens from now until the first week of August one thing is for certain, it´s going to be a crazy ride and an extremely important ride for Bitcoin´s future, so we need to pay attention.
Safe trading to all, and long life Bitcoin, whichever one it is :-)
It´s getting closer to the 1st and things are really heating up.
Bitfinex & Kraken have both confirmed they will credit any Bitcoin holders with Bitcoin Cash, (BCH).
Kraken even confirmed they that they will enable BCH trading in the following pairs: BCH/XBT, BCH/USD, BCH/EUR.
Bitfinex have yet to confirm whether they will list BCH as a tradable crypto on their platform.
So there is a lot to think about and plan before the 1st of Aug.
I thought I´d put some thoughts down that might help.
Of course the fact that Bitfinex, Kraken and other exchanges have confirmed you´ll get BCH if you hold BTC caused a rush to pick up BTC, therefore causing a nice spike in price for BTC.
At time of post, (Sunday 30th July 2017) Bitcoin currently is sitting at $2,715.
If you take a look at my chart you see how we´ve been bouncing off support of $2,600 and been kicked back down from the resistance price of $2,800. The median of these two prices is $2,700 and quite clearly we´ve been floating around the $2,700 area for a while now, it´s the magnet price that we keep being drawn to.
I´m going to offer my thoughts of how this might, and I stress "might" play out.
I see Bitcoin continuing it´s up and down between 2,600 and 2,800 until the 1st. I don´t foresee any major move happening until then.
On the 1st depending what the majority of users/traders do with their new "free" money, (BCH) will determine BTC´s next move.
I see most people just dumping their BCH as fast as they can. This will be easier for Kraken users but more clumsy for Bitfinex users. I am assuming of course that the now new listed price of BCH is floating somewhere at least in the $100 USD mark or higher. This would make it an appealing price for most users to dump straight off the bat.
If we see a huge big fat red candle for BCH then clearly we´d see a big fat green candle for BTC.
Now one thing we mustn´t forget is that Roger Ver is a big player and has big player friends/miners who all have plenty of BTC ammo to pump his brand new BCH back up if it dumps, if he and his buddies do this, this could fool people into thinking BCH is worth something causing BTC to take a down turn. Worth taking note of.
To summarise: BTC price from now until the 1st will be choppy, hovering around $2,700 area.
Post the 1st of August, some volatility for both BTC and BCH but BTC coming through as the winner and possibly breaking ATH. BCH heading south.
I hope this helps and whatever happens from now until the first week of August one thing is for certain, it´s going to be a crazy ride and an extremely important ride for Bitcoin´s future, so we need to pay attention.
Safe trading to all, and long life Bitcoin, whichever one it is :-)
Comment:
This worked out really well as I was able to scale back into BTC at mid to low 2700´s (accumulating more BTC) before the "fork", therefore making me eligible for BCH.
Now I see BTC set to test ATH in the coming weeks.
Now I see BTC set to test ATH in the coming weeks.
This is, I believe last minute shoppers for Bitcoin who have been waiting on the side lines, for a dip that never came and now having to buy last minute.
This does perhaps indicate that we might see a dump of Bitcoins straight after the 1st as the majority of users picked up Bitcoin in the $2,700 area and below, so they are nicely in profit. They could collect their free BCH and profit from BTC.
I have made a rather bold move and sold all my BTC in order to be in USD.
This is because I can´t turn down the profit on the table with BTC at rates of high $2,800.
I am happy to sacrifice my BCH to be in USD (and profit) for the 1st of Aug and catch any flash crash of BTC and buy back in lower, before we test ATH.
This may back fire for me and I could miss out on free BCH, and BTC could hit ATH before retracing back to under 2,800 levels leaving me holding USD and just watching ;-)
It´s one big "game theory" and I love it. Let´s see how this plays out.
Set your clocks to UTC time zone and watch closely.
All the best fellow Cryptoheads!