Bitcoin Cash has been lagging the market, making me turn bullish. Personally I don't really like BCH, however, I believe it provides a better risk/reward than BTC.
Fundamental
I had on BCH was a short. As I wrote on that idea I turned bullish on 6 December and switched my XMR position to BCH. If you want to see my entire cryptoportfolio you can check out my website: kryptokelly.com/portfolio :)
So why have I turned bullish? For starters the ratio between BTC & BCH has changed a good amount since last. (0.145 vs 0.0097). And I believe Bitmex has already sold their BCH to the market. Coinbase is left but I would think that has been priced into the market now and much of the reason for the BCH lag.
We see some exchanges embrace BCH, and it got a large following including name recognition. While there is no reason to be superbullish on BCH, I believe it to be a good buy in this area.
Technical
It looks to me like the last run completed an impulse wave followed by an ACB correction. Now we have gone sideways for a good amount of time while the rest of the market has jumped up!
The hard floor on BCH is 300 USD. If it was to reach 6000 USD that would be an 20x increase which is close to normal when it comes to cryptoland. I am looking at the area between 1.618 (4345 USD) & 2.618 (6847 USD). That's where I will be looking to switch out my BCH with another coin. Updates will follow :)
There should also be pretty heavy resistance in the 2755-3000 USD range, so that's an area to keep an eye out!
And fyi I created my trading group/community today. If that's out of interest, please check out my website to know more :)
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Bitcoin Cash is posting some nice gains today! Time for a little update :) I am very bullish on BCH. Coinbase addition is likely!
If you are interested in my input, my trading group is growing each day and we are starting to build a small community of traders. It's joining process has been automated as well. Check out my website page about it if its of interest: kryptokelly.com/koinworld
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Perfect! Sold out 50% of my hodlings here for a short term play :)
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BCH added on Coinbase! Damn that was bad timing, glad I only sold half. Bought back in now but higher price.
Got some resistance levels I am looking for now. Will try to update as we go.
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Damn Coinbase! 12 Hours or so until trading starts.
Here we got some support levels.
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Buy/Sell still closed on Coinbase! I believe we will go within my triangle for a weeks time until Coinbase has enabled it, and then hopefully BCH can reach my target :)
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Let's see where we can expect some support at BCH.
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Barely spiked down to support area!
I am looking to get out of my BCH though, not seeing to much reason to hold on to it now.
Trading ditutup: target tercapai
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Totally forgot to update this idea! But I got out of BCH. It spiked up to 2200 USD on Poloniex, and luckily thats the exchange my order was at! Sold at 2155 USD with a 75% profit, not too bad, could have been better :)