Have Fork, Will Travel -- It's over. Non-event? Depends where you are looking!

I heard someone was gonna get forked?

July 31st at 7pm EST, a fork occurred on the bitcoin blockchain expanding blocksize from 1mb. Shortly after at 8am EST August 1st, a hard fork occured and a new coin was born.... several hours later when they finally mined a block.

Bitcoin Cash...

...Is currently down 26% from it's opening price, while bitcoin itself has managed to maintain the current trading range, for now.

As I mentioned yesterday, I decided I won't be posting too much technical analysis on steemit as it is not my place to foment users, but this was a special occasion and a lot of dynamics were going on that made the situation difficult to read. My hope was to shed light on the possible risks and potential alternative plays.

In my view the rush to bitcoin and cold storage was a Lemmings Trade. The main risk in my view was and still is liquidity, with all of the coins being off of the exchanges and locked up in wallets while the blockchain faced a bottleneck, lending rates shot up and the price of bitcoin found itself trapped in a $50 range going into the event.

I still believe the analysis I have done, here, is going to playout and we will take a trip to the 2200's and play the pennant through. During the entire event I remained in bitcoin as well as took positions in Ethereum and Monero (through the evening I played LiteCoin too). I also took the opportunity to lend some BTC at 3.4% for 48 hours while I started to take margin positions with bitcoin in Ethereum and Monero.

For my analysis going into yesterdays 'Forks', Get the Knife a Hard Fork is Upon Us - 7pm EST - Here you can view technical analysis of Bitcoin, Ethereum and Monero.

So it wasn't as bad for Bitcoin as I imagined, but it's not over quite yet. I expect bitcoin to start flooding back to the exchanges and the positions to liquidate in favour of other coins - so we will see how that goes. My first bearish target on BTCUSD is approximately $2536 - the 50 day moving average.

As for Monero and Ethereum, how'd we do?

Ethereum is currently up 17% in relation to bitcoin from yesterdays analysis. Where I noted the basing along a historical trendline. The price or value just started consolidating and will likely do so for the next few hours. After locking in some profits, I still hold a position and will be looking to add if the price can maintain 0.08 ETH/BTC.

We observed similar in monero, bouncing off a historical trendline that has guided the ascent of XMR. Just the same with Ethereum, after locking in some gains, I will be looking for the price to maintain a range off 0.016-0.0157 XMR/BTC to possbily add to the position.

Nobody ever went broke taking profits.

My personal view is that the rally in Alt Coins is just starting but I warrant caution to those without any experience trading or investing generally. I also speculate that sooner rather than later we will see large cap alts start to run inverse of bitcoin during specific events or over long periods of time as demonstrated to some degree with the Hard Fork.

For fun and with all of the hype surrounding the creation of 'magician coins', Bitcoin Cash, free Lumens , EOS - I designed a t-shirt for @clevercreator which can be purchased at NOT SHAKESPEARE'S SCHOOL

CleverCreator has started an initiative called SteemStarters to help the many artists on steemit gain exposure and potentially profit off of their own art work. I fully support and will contribute however I can!

We don't believe in Hold On For Dear Life - We never chase - We only buy pullbacks - We use strategy - Risk Management and Capital Preservation are primary.

Ensure you understand the risks associated with Using margin and the terms and conditions at your respective exchanges.

I wish everyone luck and I look forward to your comments!

<3 @satchmo