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Bitcoin (BTCUSD)Remains in Correction Mode after the BCash "Attack"

Over the weekend, the biggest story in the cryptocurrency space was the extreme "flippening" or rise of bitcoin cash. You can just google or youtube the drama. I won't get into the details, but at the end of the day, many in the bitcoin community saw this as an attempt to replace bitcoin. 

Basically there is a debate of weather Bitcoin Cash can replace Bitcoin. The majority in the community still believe bitcoin will be the standard. Here is a good explanation of this development: 


BCCUSD 4H Chart

(click to enlarge)

4X:
- Price of one unit of Bitcoin Cash ($BCCUSD or $BCHUSD in some exchanges) essentially went from around $600 to almost $2500|
- Essentially market value quadrupled within a couple of days.
- This pump was mainly accelerated during the 11/11-11/12 Asian session, by the South Koreans. 
- Price has since cooled off, basically half the value from the top. 
- Still, Bitcoin Cash is now in competition for 2nd place with Ethereium. 
Bitcoin Still Dominant after Taking a Hit:
- The legacy Bitcoin however continues to dominate in market cap, even though it has recently taken a hit.
- When we look at the daily chart of $BTCUSD, we can see that this sell-off is nothing new. 
- In fact, I wrote last week that if price falls below the 6000-6200 area, bitcoin might go down to 5000
- So far it has found support at 5600. 
- I think in the short-term the market might sell around 7000, as BTCUSD consolidates. 
- I think 5600 was a great place for entry, but I would also keep some dry powder in case price falls to 5000. 

BTCUSD Daily Chart

(click to enlarge)