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)