I've been staring at this chart for a while and decided to post it to let readers know. As you've seen the ascending right triangle bullish pattern for LTC and others, BCH is now prominently displaying the bearish version, descending right triangle. This is when the top trend line slopes downward and the bottom trend line is horizontal (white lines). The horizontal line only has three touch points and so could be a false alarm. Price could hit the upper trend line and come back down to make a fourth touch to the bottom trend line. If price decisively breaks the bottom line, then the minimum target rule could be a guide to $380.
Note how the prior five waves (1,2,3,4,5 whte) are the subwaves of wave I and so the current correction in forming wave II. Now, wave II can retrace quite heavily and deeply. That could be what's going on with BCH. I'll update as this pattern progresses or invalidates.
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BTC Wallet - 19gHMJc9wi9KkP47wokz8y4cFNgz1kAAUE
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Legal Mumbo Jumbo: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
I finally plucked up the courage to sell at a loss. I bought @690 sold 550.
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I'm sorry for the loss. I hope profits will shroud you!
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No shame in that. Protect your investments!
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We share same feeling i just sold mine to
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Was hoping better for bch, but if it hits 380 I would get back in.
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Me too but this time with more caution.
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It is actually a very helpful post. I notice bitcoin and bitcoin cash tend to run opposite each other. Your post really helps with seeing this as well. Very good research my friend. !
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Yeah it's as if some backers keep changing their minds and keep switching between the two!
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Thank you! Please let me know if there are any crptos you'd like me to analyze for you.
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You should have equal number of btc and bch tokens. It's a good hedge until things get figured out.
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You're assuming correlation and if phases of each cycle move apart, the hedge no longer exists.
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I think you're right. It's been leaning toward a fall for a while now.
Do you not see a similar pattern with XMR? I was thinking this earlier before your post. If it is in a similar pattern, it has already broken downward. However, your new assessment still looks viable for sure.
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Hi, what are your views on Lisk and TenX? Can you suggest a good entry level for them preferably in USD? There has been a lot of hype around them, and I am having FOMO! Thanks. Really really appreciate it! :)
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To me the trend is bearish and support is very important. Again I am going from memory but I think around the 555-565 mark is key. Blow through that and I think the 300s are hit.
For reference, I have no position in BCH...
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Me too. I took all my profits.
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BCH will drop until there is stable mining of their blocks
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Mining is likely to continue to oscillate between btc and bch for a while, switching to whichever is more profitable based on price and difficulty. This could play havoc with block times for btc though.
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Mining is likely to continue to oscillate between btc and bch for a while, switching to whichever is more profitable based on price and difficulty. This could play havoc with block times for
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I agree. I wrote about that last week https://steemit.com/bitcoin/@jetblake/the-reasons-for-the-seesaw-price-of-bitcoin-and-bitcoin-cash
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