Bitcoin Cash (BCH): A Massive FLAMEOUT of BULL BUYING POWER Has Taken Place...I explain in this analysis!
SUMMARY
We can't forget about the "Hurry Up & Wait" syndrome and be assured that Bitcoin Cash has not escaped this innate imprinting. This syndrome is attributed to how cryptos "Hurry" the impulse waves but take notoriously long time to complete the subsequent correction.
Let's take a look at the below chart of Bitcoin Cash. Note how the white impulse waves took very little time! Note also how the buying power was flamed out with a momentary spike upwards that promptly reversed. The white horizontal line represents the length of time it took for the impulse to complete. The blue line represents the time it took to correct. It is 8x the white time length. This is a true "Hurry Up & Wait" episode.
Now let's take a look at the recent price action of Bitcoin Cash. It's a larger fractal of the above chart. Let me explain. Again, Bitcoin Cash wasted no time in putting in the impulse waves...in fact the fifth wave was VERY extended. Usually, when the fifth wave is so extended, the retracement is very deep...86% or so. Also, note the very long price spike...this was in effect a major flameout of the bull strength! The Bull Mojo has been so very sapped by this flameout. Now, consider the "Wait" phase...I've drawn out a free hand impression of what could be a very long, extended, price meandering. The white time band is very short compared to the blue time band.
So, IF the "Hurry Up & Wait" syndrome is to be adhered to again as it is an innate syndrome of cryptos, and since the massive flameout of the bull mojo has wiped out the buying power, I believe "Winter" is to come yet again to Bitcoin Cash.
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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.**
BitcoinCash seems to be pop up on my Radar now! Going to see how this plays out over the following months. Great Content
Palm Beach Confidential just put in a buy alert yesterday for Bitcoin Cash.
What are the other open positions in this portfoilio?! Thanks
interesting.
So they are finally on board after telling their customers to sell BCH on the fork. Teeka is getting smarter.
My thoughts exactly, I was wondering why he never put in a "buy" recommendation. Here are his thoughts:
Why Are We Buying BCH Now?
In our original sell alert, we said if BCH attracted a more diversified mining pool, we would revisit it. Over the last few days, we’ve seen BCH’s hashing power (mining) grow by 500%.
We can’t ignore this rapid growth of mining support. This is an encouraging sign and suggests that BCH deserves a home in our short-term portfolio.
It’s too early to tell if BCH will make it into our long-term holdings.
I’d have to be convinced that BTC will never scale. And at this time, I just don’t believe that.
So, for now, we are adding Bitcoin Cash (BCH) to our short-term model portfolio.
Not too bad but little too late. From what I've seen Teeka doesn't seem to put much attention on long term fundamental investments but rather form his opinion based on other experts. I might be wrong as I don't have a PBC subscription. I've seen some good recommendations like ZEN, NEO, BAT, NEM, Zcoin. But you could figure that out with just a visit to https://coinmarketcap.com/ and checking the websites.
I really wish they bring down the price because PBC can save a lot of time for me. Looking at what @haejin does for free Teeka should go for $49/year price tag. But as long as there are people who can't tell shit from shinola in the tech space, PBC will make a lot of money for the editors.
Are you a member of PBC?
Bithumb exchange shut down at height of bull run. How do we analize this?
Should total hashrate be setting higher highs?
LOL!
HA! They didn't want to give up all that money the Shorts would have made!
I think this could be shorter as BCH did their fork making 600 second difficulty adjustments. Currently BCH is very profitable to mine.
https://www.coinwarz.com/cryptocurrency?sort=profitusd&dir=desc
Maybe wait would only be 5 times or even 3 times. Maybe be we'll see a long but stable price level. Let's wait and see.
upvoted
So much for the flippening, lol.
It's not over friend...
If the charts show signs of reversal, I'll trade em.
News will arrive that begets the forecast. BTC ROCKET SHIP HERE WE GO!!!!
Man was calling 4500 just a few days ago and is now calling 341🤔 Ill definately will be extending should it tank.
Do you have any price target for "Winter" for Bitcoin Cash? Hopefully it won't be Nuclear Winter and it can continue the uptrend.
It usually retraces to prior wave 4 which in this case is $643 or so. However, since the wave 5 was so extended, 63% of the time it portends a very deep retrace to as much as to level of prior wave 2 which is at around $341 or so.
how come BTC doesnt have huge correction times?
Because BTC corrects frequently. If you don't remember it went from 7800 to 5400 recently that is correction of 2.4k. On top BCH pump was well designed and coordinated, it is well evident that it was money coming from china through bithumb. Remember it went from 350 to 2500 that is insane and in a couple of days. Alot of people fomo'ed and lost money. This will ruin trust with bch, I bet you a lot of people wont fomo now and wont chase it.
Damn! $341 would be brutal for sure...... I guess we will see what happens!
Well, nothing is guaranteed. I have a count where BCH and BTC become phasic (cycles go in phase and sync with each other). IF I get a confirmation, a different price pathway can be discerned.
what happened to $4589 projection???
Very delayed. Technical Analysis requires flexibility and non-myopic views. If a change has to be made, then that flexibility is needed. Myopia in Technical Analysis brings a trading account to zero.
Thank you