Hey Steemit Community and my loyal followers,
Im currently pondering what I'm going to do after bitcoin forks in the next 6 hours. Here is a link below to the countdown clock for the fork.
Just as a disclaimer, this is solely my opinion, please do not take what I say as financial advice. I urge you to do your own due diligence.
It appears that the community seems to be itching to dump their Bitcoin Cash (BCH or BCC) which ever you like to abbreviate it to. However I'm going to urge you the following:
Bitcoin is currently testing resistance in anticipation of the helicopter money to come in. There will likely be many last minute BTC shoppers who want the BCC money. This could trigger a FOMO breakout in the morning leading up to the fork.
After the money drop, it's possible we'll see a "sell on the news" type flash crash similar to the ETF news. Overall the trend seems bullish, the $4000 and $5000 are the next fib areas up. I may be possibly scalping, buying those dips, I'm also keeping my eyes for possible altcoin bounces tomorrow after the price drop tomorrow in BCC. Thinking that money may move to scoop up some Alt Coins. If I had to pick between which alt coins to pick up, I would say ETH and EOS.
ETH/ETC Fork History:
Most of the bitcoin community is eager to dump their BCC immediately... this could create a similar situation to ETC price discovery. During the first 2 days of ETC, angry ETH fans dumped ETC at the bottom... during that time we scooped up cheap coins and sold it for 650% two weeks later. If the dumping is severe then I will jump in and scoop up some cheap BCC. I'm not a fan of BCC but as a profit enthusiast , I'll buy any candle that's bloody enough. My plan will be to wait to sell my BCC till after it pumps. Roger Ver and Jihan are massive whales with hundreds of millions of dollars, so as a political statement they have to power to move the markets. I will wait for that and sell into strength if that happens.
I will convert the profits into BTC and also hunt for dirt cheap altcoins if they continue to crash over the next 3 days. I'm looking for deep red candles as oppose to a slow bear channel grind. If altcoins continue to sell off, we could see some really nice bounce plays once BCC is distributed.
Also remember its probably wise to hold both Bitcoins. Just look how ETC did after the fork, its gone up in value. So you stand to make a quite a bit of money.
Please up vote if you found this article informative and resteem.
Enjoy and Cheers!
-MobileCeo