Bitcoin Cash (BCH) is NOT Inversely Correlated with Bitcoin
SUMMARY
Bitcoin Cash (BCH) was talked heavily not too long ago as to how it was inversely correlated with Bitcoin. I had taken the other side of this impression. BCH follows Bitcoin as it has in the current correction. Similar to Bitcoin, BCH is nearing a visible bottom.
The below chart shows a symmetrical triangle labeled using WXYXZ count (blue waves). IF this pattern is followed, then wave Z could reside at or a bit below the bottom white triangle line. Much of this scenario will depend on Bitcoin's depth of the upcoming lower low. A bull wick to clean out the weak hands would be natural, as well.
The same price pattern counts well as a large Flat abc correction. Red B wave is formed as a triangle and the final red C's subwaves are shown in white. This too shows that the correction bottom isn't distant but rather nearby.
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It saddens me to see you And @ranchorelaxo get trolled by people who have nothing better to do. If it ever bothers you, just know that the forces of evil like to enjoy beautiful things.
ohh shutup... someone should screw this guy (@ranchorelaxo) without doubt...
Bitcoin is having real trouble just now, this is where I see it finding support: https://steemit.com/bitcoin/@investingtips/i-m-out-of-crypto
No, I don't believe BCH is gonna be a survivor while BTC gets down. The best cards in my hands at this moments are:
LISK (LSK) | Decred (DCR) | Qtum (QTU) and even Ethereum.
Just check out the charts for yourself on uk.tradingview.com
Not to make profits, just to keep ahead of BTC.
NEVER GO AND BUY TETHER AS AN ESCAPE.............EXTREMELY DANGEROUS!
I wouldn't touch Tether with a 10 foot pole.
what about a 20 foot pole? haha.... jk. Yeah, avoid tether....
But bitUSD is good?!
What about Stellar XLM?
Why is this extremely dangerous?
its a ticking time bomb. If you are holding it in there for a few hours, then maybe. But not for days worth. One day you might see tether crash to zero.
but how will it play out u think ? if tether goes zero then btc goes towards infinity... dont you think ?
in most exchanges btc gets traded against usdt .... what will you buy against btc ?
then what will you hold in exchanges like bittrex binance etc
How can one keep cash on hand for corrections if not through tether? Is there another option...I know gemini lets you keep cash in the exchange...but besides that i'm not too sure?
You can swap BTC for USD at WEX (which bought BTC-e's assets after the FBI raid). Getting USD out of there is tricky, but you can always park it there during the trade, then send the BTC back out once you've bought back in.
Yeah, there are some options, all of which require trust...if we can't trust tether, what makes exchanges any different? Sure most of them good companies and are in it to expand and profit, but in the end you never know...I guess thats just the crypto world right now...somehow this issue needs to be resolved I think before cryptos can become massively adopted...right now most people just get in them to make money and have no idea whats behind any of them.
Oh, another option is bitUSD, although I haven't used it myself yet.
Trust is the issue, agreed.
BitConnect just died, taking several with them. I had evaluated it and hopped in for four months last year; fortunately, I realized it was a scam "a moment too late" (seriously, it was about 10 minutes after starting with them), and didn't put any more in, and took everything out when it ended. You can find them by searching ("libertyteeth bitconnect") -- I did several posts on it showing the returns I was getting, my assessment that it was a scam, they shut down while I was using them because "if you click the button twice it will do a double-send" which is really, REALLY bad programming -- I thought they were folding at that point, and would have lost my investment, but they didn't.
I also showed that they would likely fold when BTC went down -- and, they did exactly! Here's my post when they went down, it has links to some of the others as well so you don't need to search: https://steemit.com/bitcoin/@libertyteeth/bitconnect-is-down-as-predicted-health-and-light-and-trading-update
Take care!
I will check out your posts! I like bitUSD, but isn't it similar to tether in that if they don't have the actual fiat behind what they are calling USD it is likely to fold after an audit...The govt. has a big issue when you call something a dollar and its really not...and I never really got into bitshares because they don't have enough coin options available, but I will check them out more. Thanks, following!
Thanks! Yeah I've opened an account at BitShares but that's as far as I have gotten so far. Hoping to investigate it further someday soon... I also noticed the lack of many coins, so decided to stick with Binance for now.
But BCH does have a connection with BTC, which is undeniable, and the comparison is bisected.
I will always support you and my friends.
I hope you can support me.
thank you
always following you @haejin your posts have introduced me in the understanding about the behavior of the fluctuation of cryptocurrencies, you have been very helpful,
thanks for everything !!
I will continue reading your post to know more ...
What Do You Think Of Stellar XLM? About to pick some up
Good job, friend. Thanks.
Good Analysis!! I Found It Very Interesting!!
좋은 정보 감사합니다..
Thanks, BCH is not my favorite but if you give input I'll think, your posts are very interesting you share a lot of information
Great analysis @haejin.