Topic: BTC Fork Highlights Part 2 (Read 359 times)

Why is it not falling as a 1/8 event? The whale just let it rise. no conspiracies? , it's hard to understand. The value of altcoin is reduced quite deeply. And when it began to buy altcoin

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I'm quite new to bitcoin.
I use coinbase, and as i understand it i have a online wallet, and i can't find a private key, so i assume i dont have one.

Will i still be able to get airdrop while using coinbase or do i need to get a offline wallet for this?

I'm ashamed to say you could count me in on being one of those "lots of people", going against even my own advice when dealing with these Bitcoin forks. BTG caught me by surprise, and I probably should have read some of the writing on the wall with regards to their (ongoing) incompetence. I dipped a little more into the altpool, beefed up some of my holdings and even added a new coin at what seemed to be value prices at the time. Even managed to see them appreciate a little while, but then Bitcoin never dipped properly as BTG got mired deeper into their mess. So a "double whammy" - lost BTC on current alt declines, and "lost" the BTG I'd have gained if I kept my coins pre-fork.

But this Segwit2x fork is a whole different beast - I'm more confused the more I research. This time, I'm sticking to my guns and keeping my Bitcoin no matter the developments until 2017 ends.

Lots of people are going through with the altcoin strategy. Isn't it possible that Bitcoin will go up after a drop after the fork, just as how it happened with Bitcoin gold? It seems like we're running into a similar situation (a bubble right before the fork, a strong lack of information on what the fork entails, etc.) Seems like a lot of parallels can be formed between the Bitcoin gold fork and this upcoming one.

Well, there re basically two options,

1) put your BTC cold storage, somewhere where you control your priv key and wait to get SegWit2x coins.

2) buy alts the day before SegWit2x when they re going to be cheap expecting the price of BTC to go down and alts to go up immediately after the fork.


Probably a mix of these strategies is the best possible option.

GO DMD DIAMOND!

BTC Fork Highlights.

Part #2

Let's review possible scenarios and trading strategies for BTC-USD, BTC-Altcoins before, and after Segwit 2X fork

As we previously mentioned, considering August and October BTC forks/airdrops, it's likely that BTC price will keep climbing towards fork

Will it climb without corrections? Unlikely. Several indicators tell us that several corrections will happen before BTC will dip.

What indicators are we looking for? Fibonacci is a very helpful tool in pair with RSI - Relative Strength Index.
How to use RSI values?

It is primarily used to identify overbought or oversold conditions
RSI values range from 0 to 100.

On the stochastic oscillator, the value of 80 or above indicates that an asset is overbought, while levels of 20 or lower indicate that an asset is oversold.

Fibonacci net can be used to identify similar pattern. I would recommend to use both: RSI, Fibonacci and Elliot waves pattern to predict further movement.

What's the best strategy? Currently, I would recommend to stay away from Alts. Why? There are two reasons:

Majority of alts are traded through Bitcoin (BTC-Altcoin pair), therefore with the growth of BTC, alt coin value gets weaker. USD - Altcoin might stay the same, but BTC-Altcoin value will go down
People will sell altcoins to buy BTC. That will help them to get Altcoins at much cheaper price, considering that their BTC will grow
What's our best strategy?

Get BTC during the dip. What dips are we looking for? Going down from 7100 to 6300 is quite possible.
Usually dips happen when market is overbought + news.
Example: Price went up too fast, and gained over 80 RSI within short period of time. At that point, people hesitate to purchase coin that high and they "wait". As soon as some bad news hit the market, they use it as excuse to sell.

Keep BTC to buy Altcoins later. BTC is likely to keep climbing till fork, and shortly after it. We have seen that in August and October

I think that closer to fork, BTC will cross 7,700 USD priceline, and possibly move towards 8,500 USD. Altcoins will keep bleeding for some time.

Bitcoin will continue to increase total market share. It's already about 60%, pushing alt coins down. Strategy "BUY and HOLD" is not a good strategy in this case

After fork, BTC market share will start decreasing, money will flow back into alt coins.

Don't sell all your alt coins for BTC. Sell only partially during BTC dips. Why? Because several alt coins will be "mooning" during fork period. How do I know?

Some coins like OMG, for example, has high potential and great value. If the price will go down to 5 dollars, it increases possibility of a larger whale filling huge buy order, which will pump the price to 7-9 USD.

Summary: We can't say what will happen in the future, therefore this is not call to action or financial advise. However, we can have certain expectations based on previous forks.

Also, keep an eye on Litecoin since it has good habit to follow BTC with some delay.

Bitcoin 2x hard fork will happen at BTC block 494,784. Be sure to store your coins in a wallet where you control private keys. ~1,200 blocks left: http://bashco.github.io/2x_Countdown/