Bitcoin Cash Explodes. Time to take some profits?
To hodl or not to hodl?
BCH has gone nuts this week, rising more than 80%, pushed up in part by the news that they are increasing their block size to 8MB with their May update (see https://www.bitcoincash.org/).
The question for traders is if the 80% jump is going to have a bit of a pull back soon before resuming an upward trajectory. This is a huge move in a very short period of time and it isn't at all unreasonable to think that a short term dip is in the offing.
This isn't suggesting that BCH price is in danger of a collapse. Hodlers can make a good case for a long term play. But the adventurous that like to roll the dice on short term trades, this is a potential opportunity.
I totally missed my chance buying in BCH. Was discussing it on one of my previous posts. But too late. Still, if it dips again next time I will buy.
It moved surprisingly fast and hard. I'm sure many missed the surge.
I've already made the mistake of selling BCH too early; twice! I'll try not to do that again!
The BCH vs BTC battle is far from over and BCH has a serious amount of support. I wouldn't sell now unless you're attempting a short-term swing out and then back in again.
Definitely a short term swing play. Some people like that level of risk. Not me, FWIW.