My thoughts on BTC going up right now ... Bull Trap?
I think that BTC could likely be increasing due to the fork creating equal amounts of BCC. People could be hoarding BTC so that when it forks they will receive more BCC.
If you are uninformed on what BCC or Bitcoin Cash is, it's a fork being proposed by 12% of miners. Most BTC enthusiasts hate this group and wish this wasn't happening because overall it creates FUD and dilutes the future BTC price.
But this rise in BTC prices could also in actuality be a bull trap. We could see a massive sell off on the 30th right before the fork.
Then ETH and LTC will pump till BTC is sorted out. A lot of my fiat is now in LTC waiting out this fork mess.
I have been very bullish on LTC since it broke $42. Bitcoin will be unstable for 2 whole days. Think about the panic this will cause in the uninformed. Almost half the markets value is stored in BTC .. if people cant buy Alt coins with BTC they will start to buy LTC and ETH to make these purchases following the dips the majority of alt coins during this fork. These alt coins that trade in BTC pairs are likely to fall in price and volume.
This drop in prices of BTC and its corresponding alt coins might be a great opportunity for those currencies also trading in ETH/LTC.
Keep an eye on the markets over the next few days. A few good moves might make you a lot of money!
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STOPSound reasoning. I don't have a lot of liquid assets to play with and the cryptos I do own I'm really risk averse with. So I am just going to hold until it all clears and see where I land.
I do have my BTC where I'll be able to access BCC so if it stabilizes and is worth anything I'll get a bit of that.