Kara and I are sitting here watching the Bittrex, GDAX, Poloniex, Kraken and Trading View charts for BTC/USD. For the past 24 hours we have been waiting for it to break 6100. Once below 6100, we thought it would only be a matter of time until there were panic sells causing BTC to dip even further into 5,000s. Yesterday, we sold high and are waiting to re-buy, and decided to put our USDT into Bitcoin Cash to profit until we bought back into BTC.
Will the correction stop at the 24hr low of $5834 (Bittrex) or will it dip even further to $5,500? Personally, we are waiting to see if BTC will drop beneath 5800, because this would signal further decline along our trend. As you can see, the leaning is quite bearish right now with the occasional bullish candlestick.
We see this trend continuing to around $5,200 before the market will jump back up. Some financial advisors have written this off as the fall of bitcoin, comparing it to the extinction of dinosaurs. But this is nothing new. We always seem to see these articles whenever BTC enters a correction.
In regards to bitcoin cash, it has skyrocketed through expectations, most likely in response to the few developers who are still pushing for segwit2x and from Roger Ver's positive review:
Do you think Bitcoin Cash is going to overthrow the long reigning bitcoin? Or is the popularity of bitcoin enough to keep it as the prevailing currency? While the segwit2x cancellation may have paved the way for Bitcoin Cash to rise: it is not clear yet if this is a temporary reaction, or the realization of the future that developers and those who recognize Bitcoin Cash as the "true bitcoin" want.
(https://cointelegraph.com/news/no-segwit2x-makes-bitcoin-cash-shine-amidst-crypto-bloodbath)
I always thought that Ethereum would be the coin to overthrow BTC in the "great flippening", but it seems that with the segwit2x cancellation and the meteoric rise of Bitcoin Cash that the cryptocurrency market might have a new star.
For those of you day traders, I hope you've made a profit on this correction. We will continue to follow it closely here at JFTBC.
As Always, Keep Calm and Hodl on!
-Whitney
At this point I think there is no way BCH can surpass BTC in terms of actual adoption in business use, at least within a year. I think it's safe to say that BTC will start to recover to its original price sooner or later.
I agree - it's crazy to watch all this FOMO materialize with BCH.
Who cares at the moment. I woke to find the touch paper lit and got in at $1000 :)
That's awesome - is the plan to trade at high or do you see BCH as being a sustainable competitor to BTC?
Tried to get out high then a few exchanges crashed. Poloniex died on my as about to trade at $2700. Think bots kicked in and it went freefall. I got out at $1720 so more than happy for the day.
I hope this makes people in BTC really think hard about the in fighting and sort the scaling or something will replace it. BCH? no idea but something will :)
I had the same problem the day earlier with Bittrex - it was crazy how many times the sites crashed this weekend! I'm glad you could still manage to trade high, though! My money's on eth for the take over, how about you?