A Week Before Bitcoin Diamond Halving (TA/History Comparison View)

By Tikyi Khant | Tikyi Khant | 22 Jul 2020

Bitcoin Diamond will follow suit halving at block 630,000 mimicking Bitcoin, which is estimated to happen on the 18th of May, Bitcoin diamond will halve two months later due to Hashrate differences between the two separate coins and other factors, We estimate Bitcoin Diamond will halve on the 29th of July.

What can we expect value-wise from Bitcoin Diamond Halving ?

BCD/BTC 1W

Looking at the weekly chart,which started on Monday UTC 00:00 of BCD with Bollinger Band,we can see BCD tried to poke the resistance zone by wick.But currently candle looks as if rejected hard (but it is not over until weekly candle close on next Monday.)Marked Fractals resistances by yellow boxes ,with the first box ranging between 12000-12300 satoshis and the second box ranging around 15000 satoshis.

But there is a region where BCD MUST hold to continue uptrend.

BCD must not close below 9450 satoshis on weekly chart or it will dump ,despite the bullish halving Fundamentals.

So,in my opinion,it is good to buy at current price ,and take a loss when the price dump below 9450 satoshis as stated above which is 4-5% loss at maximum while you can profit up to 50% if it broke out of 12000-12300 satoshis resistance box.
1:10 risk:reward.

StochRSI looks topped but price can go on forever as osscilators are not that 100% reliable.

BCD/USDT 2Hr

It's kinda looking like Inverse Head & Shoulder pattern on 2Hr chart with Triangle forming above 50 EMA support(Red).Incase 50EMA support is broken down,it is good to add at cyan line I marked at 0.8567 USDT

So,lets compare BCD halving with his friend BTG (Bitcoin Gold)

Bitcoin Gold was halved on April 18.

Bitcoin Gold dumped 40% since halving date April 18.

So in conclusion,we have to be careful if we want to ride the BCD 'Halving' pump because it can play similar scenario as BTG.
If you want to take the risk of holding BCD to catch the pump,you must be able to take the loss when weekly candle close below 9400 satoshis.

Thank you for reading .Share me ur view in the comment.

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