Merry Christmas everyone!
I was off on vacation for a while and seemed to have missed quite a bit in the past week.
BTC went through a major correction in the course of week falling almost 40% while BCC took to the stage rising a little over 200% in the same 1 week span. It seems like BTC and BCC just can't get along, large moves in either direction shows inverse correlations between the two. Speculators believe a "Flippening" is bound to occur at some point where Crypto Fanatics will come to a consensus that BCC will be the better Bitcoin. Emil Oldenburg, co-founder of bitcoin.com believes this to true. However BCC seems to move sideways with BTC as it has in the past few days before Christmas. Now it seems like BCC is looking bearish while BTC is looking bullish.
From our last BTC analysis about 2 weeks ago we just barely reached out $19800 target and if you didn't fully exit your position you may have gotten stopped out at $15900. Still exiting half our positions in BTC would have made us profit.
Red circle was our entry point. $19800 was one of our profit targets. Larger image here
%20Reccomendation.PNG)
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After that target was hit for BTC, BCC took the stage, BCC made a huge move up, inversely correlated with BTC major correction. This may have been due to coinbase traders buying into BCC from BTC. Coinbase quickly shut down BCC trading because of suspected insider trading going on. The move up was huge though!
BCC/BTC pair soared by 0.23 BTC points up to 0.347 BTC. Larger Image Here
Now, it seems like BCC is running low on steam pushing it up and BTC is finishing up on a large corrective wave and is about to come back up. It looks like a come up to $16100 is a very possible target for BTC. BTC is looking pretty oversold right now so a short-term trade with profit targets at $15300 and $16100. We are looking at a stop price of $11550. We want to keep in mind that the margin between the profit targets and stop targets yield more potential gains than losses.
For those of you in BCC, it might be a good time now to switch to BTC.
ETH is looking strong! We are pretty bullish on ETH. It looks like its finishing it's last wave up but it looks extended which not much overhead resistance. ETH has strong upward momentum and looks like it will continue up from it's current BTC pair price of 0.0527 BTC/ETH. ETH looks like a good mid-term hold (mid-term in the cryptoworld meaning 1-3 weeks). Buying in now and holding for the next few weeks may prove to be profitable. I suspected that January 7th may be a high for ETH... I am looking upwards to 0.08 BTC/ETH as a good place to exit ETH positions.
ETH/BTC pair looking bullish in the next few weeks. Larger Image Here
SUMMARY:
BCC/BTC: Exit to BTC
BTC/USDT: SHORT TERM TRADE (1-10 days). Enter here around $13600 or as low as $13400. Profit targets $15300 and $16100. Stop-loss at $11500
ETH/BTC: MID TERM TRADE (1-3 weeks). Enter here around 0.0527 BTC/ETH. Mid Term profit target of 0.08 BTC/ETH, stop-loss at 0.045 BTC/ETH.
BCC/BTC Chart is based on Binance 240. BTC/USDT is based on Bittrex 240 chart and ETH/BTC chart is based on Bittrex daily chart.
DISCLAIMER: The author currently holds positions in BTC only.
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