As readers know, I went on record very early in August with the prediction that Bitcoin Cash would be a 4 figure coin in short order. That first run to $940 seemed to vindicate my forecast, but the brutal selling that followed led a few people to prematurely lose faith in the forecast.
My last post suggested that the selling was over and that it was time to load up on BCH if you hadn’t already. But even I was not expecting my $2500 target to be hit in just a few more days.
What is next?
On this long term 8 hour chart we can see that the rally was stopped by the 1×1 at $2500 and then was sold below the 2nd arc pair. As of this writing it is trying to get through that arc once again.
There is an energy point (blue vertical) on Nov 25th. It is noteworthy that the date is also at the end of square, where reversals often occur. I have no way of knowing for sure what hill happen as pricetime works through the arc pair. It is possible that price will move sideways until it hits that energy point and exit the arcs as it heads up to the 3rd arc pair. In any case, IMHO, price is headed to that 3rd arc pair. ~ $3500 is the next target.
Bitcoin hit a long term cycle high last week at $7800, as I posted in my last blog post. Members of our chat community were advised to sell bitcoin at that time, and many heeded that advice and bought Bitcoin Cash. They were well rewarded for that action of course.
Bitcoin is not, IMHO, going to stage a recovery any time soon. Maybe never. There will be dead cat bounces of course, but no new highs for a long time to come. IMHO.
Ethereum looks very strong. Member of the chat community were advised to take a look at the coin as it emerged from the arc pair (circled).
So far so good. The target for eth is ~$400
Ripple has been moving sideways for a while, but there is an energy point approaching that might be the start of something new. It’s worth watching, IMHO.
Remember: The author is a trader who is subject to all manner of error in judgment. Do your own research, and be prepared to take full responsibility for your own trades.
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Several members of our chat community have confided in me that they made more than $100,000 on the BCH trade last week. None of them had ever had a $100,000 trade before. One confided that his wife thinks he is a genius 🙂 Another confided that he is now debt-free 🙂
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