BITCOIN CASH (BCH) Update: BEARISH SCENARIO
NO! I'm not being a gloom and doomer! If you've followed my blogs, I've written about this coming bear market for two weeks or so. Well, it's now a bear market and soon to be full fledged. The a,b,c, correction for Monero can be steep as shown. The a and b waves are placed and now the c wave is in progress and can reach to the level of next major support at around $300.
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BTC Wallet - 19gHMJc9wi9KkP47wokz8y4cFNgz1kAAUE
ETH Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
LTC Wallet - LU1mEw1LHvffoWf9VDEVdP7Day4jv6VLqu
EOS Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
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.
As i remembered this is what you told us in your last write up*...."The only Altcoin I will not sell will be BCH, in fact I might increase my holdings on this coin as a bet that it could be reverse correlated to Bitcoin and rise during its wave IV correction".
I'm not being a doom and gloomer! Not at all! I'm not a fan of Jim Cramer, but I do agree with one thing he often said: Bulls make money, Bears make money, but PIGS get SLAUGHTERED. The wave IV volatility can slaughter profits very quickly. I'm taking mine. I refuse to be slaughtered. Be careful.
*Bitcoin (BTC) Update: We are VERY CLOSE to a wave (v) of 5 of III top! What to do? This is what I'm doing...read the blog.
https://steemit.com/bitcoin/@haejin/bitcoin-btc-update-we-are-very-close-to-a-wave-v-of-4-of-iii-top-what-to-do-this-is-what-i-m-doing-read-the-blog
Yes, and I still have a BCH position as a bet on an inverse relationship that could form with BTC. I also wrote that this non-phasic cycle may not occur right away and might occur post the start of correction. It was a speculative bet for me, a trade. If the inverse correlation shows, I shall add.
Now that BTC looks as it could take a major dip. Are you less bearish here? Also it seems to have picked up steam and never really crossed 500 too low.
I hope you're right and it drops to $300
If it hits $200 I might go nuts and sell everything to buy BCH.
It seems that you missed on this one time my friend 😏