What's most important in trading is protecting your money. Politics do not matter, and actually can be a clever tactic that's used to have people part with their money unknowingly.
With the upcoming November S2X potential fork, Bitcoin Core faces a very real potential black swan.
Why?
Because Bitcoin Core is only able to retarget difficulty every 2016 blocks, regardless of how long those blocks take to be found. What this means is that if Bitcoin Core loses a lot of hashpower in late October or November to either S2X or Bitcoin Cash, that the Bitcoin Core chain may pile up beyond salvation with unconfirmed transactions and will be unable to extricate itself from the ensuing death spiral even if it miraculously received a difficulty re-target because of the 1MB block size.
Thus, it's important for every single Bitcoin Core holder to hold a hedge for this potential event, in my opinion.
Bitcoin Cash was claimed by many to be a pump and dump scheme that would quickly become worthless (They were two months too early in predicting "Bitcoin Gold" for that allegation).
Despite that, in August, Bitcoin Cash went on one of the most manic runs seen in crypto and tripled in value and has slowly downtrended ever since.
It has since broken out, under tremendous volume, the most recent downtrend line, and unlike previous false breakouts, has held multiple 4H candles above the trend, but between the major trendline, while also still being in a resistance cloud.
At $400 or less, Bitcoin Cash is an extremely, extremely easy buy and hold hedge for say 5-30% of your Bitcoin position.
If nothing else, there are very, very realistic chances the $400-435 trendline will be retested.
If (when, in my opinion) Bitcoin Cash breaks out, it will be the mania that vortexes new money and users into crypto.
Why? Because Bitcoin Cash, according to Bitcoin.com itself, is Bitcoin.
And for one of the very rare times in history, everyone knows what Bitcoin Cash is worth if it becomes Bitcoin ($5,000+).
Greed and fever will set in when Bitcoin Cash breaks $1,000. Even Bitcoin Core has not seen the level of parabolic hysterical fever that is coming.
I'm making the call now: Bitcoin Cash's current breakout is 100% real. The bull flag, volume, and lack of hysterical Z-Cash style pump are all major indicators. It is by no means finished.
Cash will revisit $700 in the very short term future, and will suddenly make itself very, very relevant in the discussion of which chain will wear the Crown in November.
I even put the rocketship icon on the chart for posterity.
Bitcoin Cash is the biggest bear trap in crypto history, and right now you're getting in the range of a 15-20:1 overlay on your BTC.
With the upcoming November S2X potential fork, Bitcoin Core faces a very real potential black swan.
Why?
Because Bitcoin Core is only able to retarget difficulty every 2016 blocks, regardless of how long those blocks take to be found. What this means is that if Bitcoin Core loses a lot of hashpower in late October or November to either S2X or Bitcoin Cash, that the Bitcoin Core chain may pile up beyond salvation with unconfirmed transactions and will be unable to extricate itself from the ensuing death spiral even if it miraculously received a difficulty re-target because of the 1MB block size.
Thus, it's important for every single Bitcoin Core holder to hold a hedge for this potential event, in my opinion.
Bitcoin Cash was claimed by many to be a pump and dump scheme that would quickly become worthless (They were two months too early in predicting "Bitcoin Gold" for that allegation).
Despite that, in August, Bitcoin Cash went on one of the most manic runs seen in crypto and tripled in value and has slowly downtrended ever since.
It has since broken out, under tremendous volume, the most recent downtrend line, and unlike previous false breakouts, has held multiple 4H candles above the trend, but between the major trendline, while also still being in a resistance cloud.
At $400 or less, Bitcoin Cash is an extremely, extremely easy buy and hold hedge for say 5-30% of your Bitcoin position.
If nothing else, there are very, very realistic chances the $400-435 trendline will be retested.
If (when, in my opinion) Bitcoin Cash breaks out, it will be the mania that vortexes new money and users into crypto.
Why? Because Bitcoin Cash, according to Bitcoin.com itself, is Bitcoin.
And for one of the very rare times in history, everyone knows what Bitcoin Cash is worth if it becomes Bitcoin ($5,000+).
Greed and fever will set in when Bitcoin Cash breaks $1,000. Even Bitcoin Core has not seen the level of parabolic hysterical fever that is coming.
I'm making the call now: Bitcoin Cash's current breakout is 100% real. The bull flag, volume, and lack of hysterical Z-Cash style pump are all major indicators. It is by no means finished.
Cash will revisit $700 in the very short term future, and will suddenly make itself very, very relevant in the discussion of which chain will wear the Crown in November.
I even put the rocketship icon on the chart for posterity.
Bitcoin Cash is the biggest bear trap in crypto history, and right now you're getting in the range of a 15-20:1 overlay on your BTC.
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After dipping during the Bitcoin dump below the smaller orange downtrend line to a low of $305~, we've since regained the 325-330 area above the smaller downtrend line.
This is a very good confirmation.
This is a very good confirmation.
