I believe that Bitcoin will have a pretty strong rally up coming here soon, possibly Friday night or Saturday. As always; when Bitcoin has a strong swing up, it creates a ton of panic buys - so I am thinking it will easily break through the $8.4k barrier and a fairly clear path into the high $8,000's come Sunday afternoon/night.
As always; I don't just come up with things out of thin air. It's 80% knowing how the crypto market operates through experience and 20% technical analysis. Let's break it down:
Let's first take a look at what's been going on with Bitcoin. For the past days, it's been consistently bouncing around in the ~$8.1k range forming a consolidation triangle; this after coming off some real nice upward gains. As it nears Saturday, this sideways movement should be coming to an end, and it will either break up or down. Obviously, my prediction is it's going to break up. A big up.
Now, my hardcore technical analysis wallstreet friends will point out that the big dip that went below outside the triangle on the 24th would favor it goes down after the break. But... this is the Crypto game, not regulated stocks, thus our rules are a bit different.
2. The Pumping & Dumping of Bitcoin Cash & Bitcoin Gold
I've been around this crypto game long enough to fairly accurately tell when something is pumping & dumping. In this case; it's both BCH (Bitcoin Cash) and BTG (Bitcoin Gold).
Since explaining the details on Pump & Dumps is so long - I am going all out explaining How To Predict & Win At Pump & Dumps (amongst a ton of other things) in a course I am completing over the next week. If you're interested, feel free to sign up for early notification & 75% off code here: https://www.jamesfend.com/learn
I will give a hint hint though; take a look at both the BTG and BCH graph. Pretty big spike due to what news exactly? Just seems to be coming out of thin air, eh?
So going back to Bitcoin's dip on the 24th.. this is simply money being moved away by investors (usually newer) from Bitcoin in order to try to capitalize on big green percentages they see on BCH & BTG. BUT it's too late.
Newer investors see the big spikes & percentages and think they are joining in on a wave that will continue. But little do they know, they just bought in at the very top & it's nothing but sideways movement and straight downhill from here until Bitcoin is ready to take off on Saturday'ish. Aka getting caught in the Dump stage.
So... this dip that goes below outside the consolidation triangle can be nulled and voided out.
3. The Dumping of BCH and BTG Back Into Bitcoin
We can see there is lower volume on Bitcoin as it's consolidating, right? So when there is a flow of any money (aka volume) back into Bitcoin; it will make any movement fairly strong.
In this case; since the whales have now tricked newer investors into bringing their money into BCH and BTG, it's time to cash out, profit, and buy more Bitcoins back at a good market price.
Once this volume starts pumping back in; the investors caught in the Dump will either a) have to bail out & lose their money or b) sit & wait it out for a long time for BCH or BTG to come back in a break-even price.
Now I may be wrong, but I've seen (and been on both sides) of this too many times.. My honest opinion would be to go ahead and cash out your profits on BCH and BTG and sit it in fiat (or Ethereum) as a conservative play (if you feel like I may be somewhat right, but not really).
Now if you feel like I have a valid point; then the play would be to move out of BCH and BTG and move majority of your assets into Bitcoin while it's still in the ~$8.2k price for big profits.
As always; it's always up to you to do your own research. Remember, nobody is an expert in crypto trading.
My money? I took a nice profit from LTC yesterday & have now moved 100% into Bitcoin at $8,150. I am not chasing Bitcoin Gold or Bitcoin Cash; and I will let my discipline keep me here regardless if BCH or BTG continues shooting up.
That's it. Remember to subscribe to get my latest posts (which are very important by the way to get & know the latest info!) & if you like my perspectives and think my upcoming course would help you out; get signed up on pre-release 75% off: https://www.jamesfend.com/learn