As trading on Gdax went live, there was a round of selloffs for fear that a huge dump will come. I believe most people on Gdax are investors, not shills of any coin in particular. Therefore, I believe the selloff is temporary. It would be very amateurish to sell into a dump.
From the current rally, we see that BCH retraces to 0.5 and 0.618 levels. Unfortunately, Wave V, which I thought could've reached $4777 circa, was interrupted by this selloff.
During this selloff, UO generated a buy signal. I think to finish off the correction waves, there'll be one more drop to $3450 circa before leveling off for the next round of impulse waves -> yes, I believe there'll be one coming around soon, because BCH is currently very bullish. It's not a 6000 BCH sell wall on a single exchange will erase (btw, the sell wall is now only half its original size -> some people sadly sell into the dump).
Great line - "One last thing: Don't listen to the shills talking about bitcoin -10.18% or bitcoin cash 45.37% killing the other. You're the market. The market decides."
Zielinsky
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when gdax went online the price of bcash quickly recovered from 3200 to 3600 and that means we are not goint to see a dump yet. I think we will test the ath and if we break it we can go to the 5k range.
DrJLT
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@Zielinsky, actually, I was looking at gdax when it went live. It went from 4300 to 3800 then 4000 then 3200 on gdax. It was gdax that was dumping. After they finished, the price quickly recovered. Now gdax does what it does best: being more expensive than other exchanges & helping pull the price up.
I think those who wanted to sell have sold. Others will decide as the market moves.
DrJLT
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@DrJLT, The volume in the first 30 min on gdax was very high, much higher than bitfinex.