NOTE: Today is starting out like an important day for our USDT UP BTC DOWN case.
The first half of our pattern analysis appears to be working beautifully — we hit the $100 target on XMR we shared with subs on August 8 (and kept reminding you of how bullish XMR looked–hope that helped!) and ETH (along with ETH related crypto REP and ZEC–even ETC is up a bit) is following through on its bullish pattern we posted yesterday.
BTC on the other hand is down but not down nearly as much as BCH BCC which looks like a pattern failure (see chart below) — We still are clinging to our “market in sync” premise so we would expect one bitcoin or the other to go up — unless they think they can convince new investors that Dash and Monero (and POSSIBLY Litecoin) are the NEW Bitcoin and should be chased. We see that as LOW PROB though XMR and Dash are very bullish–Bitcoin is still the KING.
3 CHARTS — PRICE IS KING — EVEN WITH HIGH VOLUME – RESPECT PRICE
If stop gets hit — BCH/BCC is a VERY low prob trade and exiting is highest prob. Can always reenter when more clear bullish pattern (like we saw at $350 range).
However, if your trading plan allows for it, consider trailing stop on BCH/BCC if price moves up without stop getting hit. As we’ve indicated, patterns are not as reliable so they can take price wherever they like –even after pattern failure — in fact watch for them to take price back inside pattern (around $700) as a good indicator the big move down was a headfake.
Let’s see if they can take price above $650 first….long way to go…..
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