On November 1, Crypto-ML issued a “BUY” signal for Bitcoin Cash (BCH) at $422.68. As of this writing, BCH is at $550+ on Coinbase Pro. That is over a 30% gain in just over 3 days.
Disclaimer: Past performance is not necessarily indicative of future results.
While this may be a precursor to a larger run, it is worth noting that we are still in a bear market, as defined by Crypto-ML’s Market Index (-10.7 as of this writing).
Bearish conditions in 2018 have been characterized by numerous sharp selloffs that have quickly erased gains.
Additionally, the performance of BCH is likely related to news of an upcoming hard fork that is scheduled to take place on November 15. Hard forks can induce extreme volatility. Read more on the hard fork:
- Looming Fork (Forbes.com)
- Upcoming Bitcoin Cash (BCH) Fork: What Does This Mean For You? (Ledger.fr)
Considering these factors, if you opened this BCH trade, you have several options:
- Wait for the Crypto-ML “SELL” signal and potentially grab additional return.
- Sell a portion of your position to capture some of the profit now and let the rest run.
- Close your entire position to capture the fast profit but potentially miss out on additional gains.
This chart from the Member Dashboard illustrates the fast price movement and heavy volume behind the move:
This BCH trade opened at a fantastic price, but cannot be considered a success unless it also closes at a great price. Given the overall market conditions and risk factors, you may decide to capture some of the gains early.
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