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Bitcoin Spilt Canceled


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The proposed spilt to Bitcoin blockchain, Segwit2x, has been canceled by market makers in the space:

http://www.zerohedge.com/news/2017-11-08/bitcoin-explodes-7900-after-hard-fork-suspended

The code split will need to be enacted to extend the shelf life of Bitcoin, so this is simply a release delay. This creates more uncertainty in the market, as the split date will occur eventually. However, not having a set time for this code upgrade gives holders of Bitcoin more uncertainty and investors hate uncertainty.

Expect volatility in this market. Traders that were expecting to sell off the weak leg of the split next week will now be profit taking at higher prices and looking for a better re-entry price. Speculators who were willing to take the risk of the split will now be holding their Bitcoins into the future, awaiting the split.

Expect that there will be some decent size price moves as traders reposition around this news. That means that big dips are possible, leading to good entry long prices. It also means that there may be a surge in demand as weak investors feel more confidence around the current prices.

So trade with caution. Take profits at spikes higher in price, but don't wait too long on a hard dip for a re-entry. Price action will be to the upside in the long term, but volatile in the short term.

DISCLAIMER:

YOU ARE AN ADULT and must make your own decisions. ONLY YOU know what level of experience you possess. ONLY YOU know what level of risk you are willing to take. ONLY YOU know what your financial goals are, and to what lengths you are prepared to go to meet those goals. You will be the one to wear your losses, so trade with caution and do your own research.

Henry Ledyard is an independent trader. He has NO affiliations with banks, brokerages, funds, trading houses or markets. He trades for himself and posts trading ideas merely to share information. He does NOT want your money, advice or opinions. He does NOT want your unsolicited emails. If you require further financial advice, seek it elsewhere. Henry`s opinions should be considered as addled as his blog site:

www.addlepated.com.au



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About the author


Henry Ledyard is a futures and options trader with over 20 years of trading experience and over 10 years of experience in trading futures. Henry Ledyard holds multiple degrees: BE Electrical Engineering, BS Physics, and BA Visual Arts. He has worked as a prop-trader (AU bonds, USA bonds) but found the bond market not conducive to his trading style. He currently trades for himself, and has no associations with any brokerage or firms. He has no boss and seeks no money for his information and trade ideas.

Henry’s trading focus is primarily on futures with longer term trades (hours to days) in tangibles (commodities and equities) with a real world bias. This is because high frequency trading algorithms are in control of much of the arbitrage trades and short term volatility.

Henry is predominantly a chart reader who looks for direction changes to enter and exit markets and is not a trend follower or scalper (much). His trade ideas are based on broader market forces creating opportunity while focusing on over-sold or over-bought moves. To make money in markets, he has to combine timing, direction and risk which can be a challenge (and may not suit your trading style). He is not an FX trader, nor stock trader (mostly) and tries to avoid bond markets except as a spread for other trades. He also avoids ETFs and many derivative products because of exaggerated leveraged moves.

Henry is based in Sydney, Australia and normally trades EU pre-market through the USA session with the occasional eye to Asia trade for indicators of direction.

The trade ideas expressed by Henry are places he sees potential for profit and may be as addlepated as his blog site: www.addlepated.com.au

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