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Bitcoin Cash

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Bitcoin Cash seems to be leading the chasing pack behind the leader Litecoin in relation to the current and most recent price action in Cryptocurrencies that IG offers on its platform.

I include the chart (daily) below for Bitcoin Cash:

1027765476_BitcoinCash_20190323_12_05.png.757a1c73ec524b8af7c5beacb7da8072.png

Bitcoin Cash is trading above its 20, 50 and 100 DMA's. However the interesting point is that they seem to be changing to a bias towards the curves sloping upwards which is a bullish indicator for a short term trending move upwards.

Note: It may literally only be a short term move. Also the indicator is based on historical price action so it does not guarantee the future price action. 

1314645040_BitcoinCash_20190323_12.05-2.png.b45facca19dbda3529f0594d90020c89.png

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This hit $171 today and is looking rather bullish. 

I stated something similar on the Litecoin thread which is to be aware of any strong trend reversal with sharp and quick downward moves which lasts a few days. This has been witnessed several times over several Cryptocurrencies. One must be mentally prepared for this. Of course it may not happen but this is a Cryptocurrency after all!

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Bitcoin Cash is up nearly 7% this morning at around 5:43 am. It is in the leading pack with Litecoin, Bitcoin and then itself. 

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Bitcoin Cash is up 22% just 11 hours after I posting early this morning. Now add leverage to the mix and one can begin to see how lucrative trades in Cryptocurrencies can be. This is even after any overnight charges and ridiculous spreads.

If one forgets whether they believe in Cryptocurrencies or not and just treat it as an asset which you can trade based on price action rather than any fundamental flaws the specific Cryptocurrency may have then it does open up a whole new arena of trading for those who have a higher risk appetite and are more aggressive traders. 

Bitcoin Cash is outperforming all the other Cryptocurrencies at around 5:00 pm that are available on IG's platform. 

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Bitcoin Cash is up over 30% now is leaving the rest for dust today. I thought I would try and carry out some quick research to try and establish why Bitcoin Cash is performing so much more better than Bitcoin or Litecoin. I found the following article:

Bitcoin Cash Is More Widely Accepted Than Bitcoin In Japan, Why It Doesn’t Matter

https://www.newsbtc.com/2019/04/02/bitcoin-cash-is-more-widely-accepted-than-bitcoin-in-japan-why-it-doesnt-matter/

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Bitcoin Cash is still strong and trading over 32% at around 9:15 pm. Impressive performance today. I personally think Bitcoin Cash will need to ensure it can stay above $200 as otherwise it could tumble downwards as quick as it stormed upwards. The other factor is that there could be a lot of technical automated buying based on certain price points being triggered. 

I have a feel that Cryptos are going to be wildly volatile and lots of tight stop losses and even slightly wider ones are going to be stopped out even if they carried on going upwards.

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Bitcoin Cash is up another 17% this morning at 5:28 am! This is based on a price of around $256. Apparently it hit overnight $292.20! Wow.

Crypto Strategist Says Bitcoin Futures Pushed BTC Price, As Bitcoin Cash and Litecoin Futures Volumes Soar

https://dailyhodl.com/2019/04/02/crypto-strategist-says-bitcoin-futures-pushed-btc-price-as-bitcoin-cash-and-litecoin-futures-volumes-soar/

 

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Bitcoin Cash is again the best performing Crypto available on IG’s platform. I am not sure if the Japan news I posted yesterday is playing a big part in this? It seem on the face of it that it could well be. 

Also it is more attractive a trade from a margin requirement for those who have have to stump up far more capital for trading Bitcoin. 

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Bitcoin Cash is up over another 30% today. It is more than double the next best performing Crypto on IG which is Litecoin at 15%. 

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Bitcoin Cash up a staggering 40% today! Add leverage and I think I am feeling dizzy. 

The one thing I have learnt with Cryptocurrencies is that more complex technical analysis can be overkill and persuade / convince you not to trade. Add the fundamental uncertainty and most definately most will stay away from them. 

I tend to concentrate on the price action and when they are in bullish mode like present then there is no asset as aggressive as this.

For me Bitcoin Cash and Litecoin have just proved to be exceptional trading opportunities which some will no doubt stay away from as in their opinion this is junk. They may be right or not but if you can make stellar (excuse the pun) returns on junk, why not? Surely it is better than making a loss or not much on quality?

For me the beauty of price action is that you can detach yourself from the actual asset and just trade the price action rather than concentrate on what the specific asset is. This is a distinct advantage of Trend Following and part of the excitement of it. It can be one trend in one asset and then another trend in a totally different asset. It does not matter what the asset is. It is the trend and price action which is important and is what you are trading. 

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The question now is what sort of retracement Bitcoin Cash experiences. Will it adhere to traditional Fibonacci retracements? We are about to find out.

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I thought this was a good opportunity to share Bitcoin Cash's website.

https://www.bitcoincash.org

I should have actually done this at the start of this thread but only just realised that many may not be aware of the difference between Bitcoin and other alternative Cryptocurrencies.

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I posted on another Crypto related thread how some of my best returns came over the weekend and low and behold Bitcoin Cash and Litecoin are performing strongly and are over 10% at the time of this post early Saturday evening.

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It is 21:24 UK time and Bitcoin Cash is up 11% already. There will have been a lot of traders who were stopped out due to the extreme volatility witnessed today. They also would not have gone back in but Bitcoin Cash is moving way ahead of other Cryptos as the rest are all trading in the red bar Bitcoin Gold which is up 0.74%. 

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