Not much has changed other than my bearishness on bitcoin

idcinc (62)in #bitcoin • 5 years ago

From about $7100 last week, I explained on twitter that the drop to ~$7k essentially fullfilled the bearish targets I've had in mind since shortly before crossing $10k on the way up and that a couple key charts that previously caused my bearishness are now acting as #hopium for #bitcoin as far as I'm concerned.

Since then, it's dipped down to just above my "line in the sand" I mentioned in the tweet at $6450 and reacted to the 2H ichomoku cloud exactly as I started to expect it to from a couple days ago when I mentioned it to my friend again.

That is to say it dildoed right out of top of the cloud up to the trend line I was eyeballing on my livestream chart.

At the moment, between $7750 and $6950, #BTC itself is in somewhat of a "no-trade zone" for me, meaning above $7750 I'd likely be inclined to enter a long position and vice-versa.

#BCH has a blockchain history that goes back just as far as bitcoin's, with an uptime to match it as well. Before #BitcoinCash existed, bitcoin was essentially both #BTC and BCH, and there's a lot of people that still consider the BCH chain to be more in-line with Satoshi's original vision for bitcoin, and thus deserved the benefit of the "bitcoin" brand recognition from it's inception more-so than what everyone currently knows as bitcoin. An example of such a person is Roger Ver aka "Bitcoin Jesus," and he recently explained his reasoning to a large audience on CNBC, causing some butthurt bitcoin maximalists (people that think bitcoin is the only #cryptocurrency that matters) to bitch on twitter (https://www.newsbtc.com/2019/11/28/crypto-tribalism-intensifies-community-bashes-cnbc-hosting-roger-ver/). As I've been saying for months, the debate around BCH being the "real bitcoin" will heat up again, and BCH will pump like crazy in the meantime, regardless of whatever happens in the end.

Even though I'm inclined to be bullish on BTC itself for a while, and possibly even throughout #altseason, personally I've been in agreement with just about everything Roger Ver has publicly said since I got into #crypto, most definitely including his speculation that "smart money" is buying BCH over BTC latley.

#cryptocurrency #money #altcoins #trading #hopium #btc #bch

5 years ago in #bitcoin by idcinc (62)

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