Coin Telegraph
GOOD AFTERNOON STEEMIT!
Remember in Friday's blog, we spoke about the Bitcoin Cash trend line reactivation?
BCH/USD Daily
And how I dumped all of my free Bitcoin Cash holdings at what was essentially the bottom a few weeks earlier?
Well...
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BCH/USD Daily
Well, from what I've been reading about it though, Bitcoin Cash is very centralised and gives a small group of miners too much control. This sort of run is manipulation at its finest and now we've missed the original pump, I don't think it's wise to be jumping on late now.
If you're looking for me today, I'll be over in the dark corner, called up in the fetal position sobbing softly...
It does show that crypto really is the wild wild west and in markets that are set up for it like Bitcoin Cash, the centralised miners have the ability to manipulate the market on a whim.
Check out this YouTube video for an interesting perspective that I tend to share:
The only thing that is crytal clear in the Bitcoin v Bitcoin Cash battle, is that opinion are HEAVILY divided and nobody is going to budge.
The split is now here to stay and it may be time to look for opportunity in a sneaky altcoin sleeper.
With the above in mind, something else that I discussed on the blog that I wanted to expand on a little further here was that when all of the alts were pumping last week, none were breaking any significant resistance levels.
Ethereum however, has held above the $300 psychological level which I think is an excellent sign:
ETH/USD
This Bitcoin Cash run is ridiculous market manipulation. There is no other way to describe a pump like that, around a coin that divides so many opinions. I can therefore see money flowing across into a more stable Ethereum as a result.
I'm interested in hearing your thoughts on this theory and whether you personally are picking one of BTC or BCH, or leaving them both be for now. Please leave a comment below and let me know.
Have a great Monday guys!
Peace.
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Blogging about markets is all about sharing ideas and making us see all possible angles. I look forward to having you follow along and reading what you throw at me.
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