Jump to content

Recommended Posts

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

Share this post


Link to post

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!

Share this post


Link to post

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. 

Share this post


Link to post

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. 

Share this post


Link to post

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/

Share this post


Link to post

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.

Share this post


Link to post

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/

 

Share this post


Link to post

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. 

Share this post


Link to post

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%. 

Share this post


Link to post

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. 

Share this post


Link to post

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

Share this post


Link to post

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.

Share this post


Link to post

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.

Share this post


Link to post

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%. 

Share this post


Link to post

It is 5:30 am and Bitcoin Cash is up 6.84%. It seems to be following Bitcoin in trying to break out. 

Share this post


Link to post

Bitcoin Cash is really struggling to stay above $300 level at the moment. 

It has had two big goes recently and failed. If it could crack the $300 level then I can see it having the potential to go all the way up to $400 without much resistance. 

Share this post


Link to post

Bitcoin Cash and Litecoin were some of the benefactors of the recent rally in Cryptocurrencies.

So what is the difference between the two? Well there are several but at present Bitcoin Cash has larger block sizes than Litecoin. Now this is irrelevant at this moment in time as neither are running at their optimum levels or coming close to the capacity to even test current block size levels.

Litecoin on the other hand has faster block times (transaction processing speeds). I think (do not quote me) but transaction volume is higher or certainly was higher for Litecoin than Bitcoin Cash. 

One of the similarities between the two is that both want to be the Crypto Standard of electronic / digital cash. Both have faster transaction speeds than Bitcoin and are trying to position themselves into this space which Bitcoin has not been able to conquer. 

Share this post


Link to post

It will be interesting to see if Bitcoin Cash goes below the Fibonacci Retracement of 38.2%. 

Share this post


Link to post

Bitcoin Cash is up 3.84% at the time of this post and hit $249.10. It will be interesting to see if it has another go at £300 or whether it just continues on its downward trajectory. 

Share this post


Link to post

Well it is up over 8% now. This is the Crypto volatility and beast that one must deal with when trading Crypto’s. 

Share this post


Link to post

In this latest Crypto recovery it seems Bitcoin may start the rally but Bitcoin Cash and Litecoin seem to be leading the way in terms of returns

Share this post


Link to post

It is 08:57 am UK time and Bitcoin Cash seems primed for a breakout and push upwards.

The 1 hour chart seems to be syncing with the daily chart. Let us see what happens for the rest of today.

Share this post


Link to post

Bitcoin Cash is up nearly 10% at the time of writing this post. Of course Bitcoin started this most recent rally but it is the usual suspects of Litecoin and Bitcoin Cash that are leading the race today. 

Also looking at the 'daily' then it seems there is a clear run towards $400 on the cards here. Not much resistance to worry about prior to this so it could be a short and sharp move towards $400. Of course this may not materialise and could fail but it is looking both positive and bullish for Bitcoin Cash to really go for $400. 

Share this post


Link to post

Bitcoin Cash is up nearly 13%. 

The margin requirements for both Bitcoin Cash and Litecoin are more attractive than some of the other Cryptocurrencies. Especially when taking leverage into account. 

Some of the best moves seem to happen over the weekend so those who close their positions on Friday to avoid charges and large price swings seem to miss out on some of the biggest gains either on the long side or short.

Share this post


Link to post

Bitcoin Cash is up another staggering 11% this morning. It hit $387.10 and seems on a strong course towards $400+.

The $400 - $600 price range is going to be very interesting for Bitcoin Cash. I think for investors and traders to take Bitcoin Cash seriously then it is going to have to move strongly towards this range.

 

Share this post


Link to post

For some reason Bitcoin Cash is the only Crypto available on IG's platform which is not down and in the 'red'.

Now it should decline and join the rest but I do wonder if there is a reason why it has not declined and whether there is further upside with Bitcoin Cash?

I do not know but I shall be paying very close attention to the price action to see if can indicate what is happening. 

Share this post


Link to post

Looking at the chart 'daily' for me the next stop for Bitcoin Cash is between the $400 - $600 range as I have previously stated.

I think if it breaks the $420 mark then the potential is there for up to the $637 area. 

Share this post


Link to post

Well Bitcoin Cash did not suffer any such drop. That may come later on.

However an important point is that it hit $407.80. It then faced the resistance some of us expected. If it can get through this resistance then it seems to have a clear run up to the $550 - $650 area. Bitcoin Cash is up another 9% at the times of this post. 

Share this post


Link to post

Join the conversation

You are posting as a guest. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
You are posting as a guest. If you have an account, please sign in.
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Member Statistics

    • Total Topics
      7,237
    • Total Posts
      35,866
    • Total Members
      45,865
    Newest Member
    fefcoweb
    Joined 18/08/19 18:33
  • Posts

    • @Mercury, I see you have started to look at Coffee. Excellent. If you look at both Arabica and London (Robusta) then one could argue that we are witnessing oversold conditions especially if you look at longer term timeframes like the 'Monthly' and potentially the 'Weekly'.  For me it is about identifying potential breakouts. We may see that in the days and weeks to come but right now at this moment in time both on the 'daily' are trading below 20, 50, 100 and 200 DMA's so it is still bearish for me. It is one I am monitoring closely.  Commodities can offer some excellent trading opportunities and produce some of the strongest trends. I do not use or apply EWT but if you can use it to effectively increase your chances of success which leads to a greater chance of profiting then all the best. 👍
    • I was watching a TV series called "This Giant Beast That is the Global Economy " starring and narrated by Kal Penn, actor in "House" and speech writer with Obama.  It doesn't really cover any new concepts, although there were a few interesting observation in their, like what the most important commodity in the global economy is... (I wont spoil it for anyone who hasn't seen it yet and wants to but it was not that obvious and is blindingly obvious in retrospect). One thing that did pop out that I though was relevant for the forum was that the price of coffee is way too low for farmers to make money.  The logical conclusion of this is that they will farm something else and supply will be curtailed and then prices will go up, the basic perpetual cycle of supply and demand change.  This very basic fundamentals proposition motivated me to look at coffee on the charts to see if there was a building opportunity and I think there may be.  I will preface my analytical assessment with the statement that I know very little about the coffee industry other than how to select a great bean type as a consumer and make a great flat white. If I look at the long term charts (Quarterly/Monthly) I see that coffee trades in a large range from about 4000 to 34000 at the extremes (or $0.40 - $3.40 per US pound if you prefer).  This seems to represent the classic economics supply and demand curve in candle pricing form.  With the available data we can see a set of cycles between the market top and bottom zones that in the main run fairly directly between the zones.  At this point my thesis would be that if you catch the market right at either extreme you can hold until price reaches the opposite end of the range (net 30,000 points or so).  For best results you want a straight run rather than one with large reversals. If I apply EWT to the chart I see a series of 1-5s and A-B-C, although this is arguably less relevant than for markets that do not operate between such obvious ranges as the key is obviously to look at trading when the market enters, or more correctly, then exits the range extremes zones.  Still it is interesting to see that the run up in the mid 70s was a motive 1-5 that still marks the high point in price.  After that I see a series of massive A-B-Cs culminating in a slightly lower high extreme price in the late 1990s than that printed in the 70s (still went into the market top zone though). This high then produced a 1-5 down to the lowers price on the chart around 2002.  The next move up to 2011 could be either an A-B-C or a 1-5 and the current move looks decidedly like an A-B-C.  If the 2011 move is an A-B-C and the current move is also an A-B-C then I would expect the current move to be a larger wave B that ends higher than the previous low and spawns a massive rally that ends higher than the previous high and is a 1-5 that goes pretty much straight up.  Either way the current move is and A-B-C so will end higher than the previous low and as most of the bear moves end inside the market bottom zone I can reasonable conclude that this move will end somewhere between 4200 - 8000. Let's look at a shorter term charts to see if we can refine this.  I have 2 weekly charts attached, the first of which shows the bearish move down from 2011 and the second of which zooms in on the final wave C of C.  In the first chart I can see a clear A-B-C structure to all 3 of the larger A-B-C wave form of the bearish move.  This confirms an A-B-C and not a 1-5 and also confirms that the market is in a final wave C of C, which will spawn that Bull market.  I also have a nice upper resistance trend line and 2 possible lower lines (both may be valid) with a lot of good current (green circle) and prior pivot (purple circle) touches. If we look at the second weekly chart the wave C of the larger wave C (from the wave B pink) is cutting a clean 1-5 pattern and looks to have just completed the 3-4 part of this.  The rally to wave 4 (blue) is in a-b-c, which you would expect of a retrace so the next bearish phase should be a final wave 5 that will mark the end of the overall bear market.  I would be looking for price to hit one of the lower channel lines but inside or on the 8000 level ideally.  Note all previous moves that did not make it to the extremes zone were not wave Cs (As or Bs) and all the 5 did.  So the conclusion to this is that all wave Cs or motives 1-5s penetrate the extremes zones of the range but As and Bs tend not to.  Also 1-5 waves tend to run hard and fast and make more extreme price tops.  The current move looks line a Wave C that would spawn a 1-5. Finally looking at the daily chart the current bearish phase looks to have put in a 1-2 (green) of that final 1-5 I am looking for.  I will be tracking this for the 3-4-5 and other signals to see if I can spot the turn.  As and when price breaks out of the upper weekly trend line resistance I think a strong bull market will be in play that could be a motive 1-5 that makes it into the extreme market top zone.  In all of the bull turns through there has been a strong short term retrace so the best strategy might be to let the turn happen and spot the initial retrace turn.  In these agri type commodities getting in on such a range extremes turn has to be the way to play it.  I will be tracking this one with interest for a while but it will require some time still to mature I think. 
    • I last posts around 2-3 weeks ago on this thread and I have seen Litecoin go down towards the lower $70's. It is currently trading at $76-77 at the time of writing this post.  Litecoin's chart looks pretty ugly. It is currently trading below its 20, 50, 100 and 200 DMA's which is very bearish.  Only really Bitcoin (significantly) and Bitcoin Cash are trading above their 200 DMA's on the 'daily.  Litecoin will need some very bullish news or a big move from Altcoins / Bitcoin otherwise it could easily fall down into the 60's.  After the halving event, it seems, Litecoin has been heavily sold. This capital may now shift to Bitcoin. That is my suspicion and assumption and the price action will confirm this. I will be interested to see if the divergence between Bitcoin and Litecoin increases. 
×
×