Post FOMC meeting, Bitcoin (BTC) did not do much. Most of the action seemed to be in alternatives to Gold (GC) and Bitcoin (BTC).
In the metals world, Platinum (PPLT) seemed to have the best bid. The three-day chart has a solid green candle and stochastics are turning higher (Figure 1). So, while everybody is looking at gold, platinum may be the next big play.
A similar contrarian scenario is unfolding in crypto. While everybody stares at Bitcoin (BTC). Bitcoin Cash (BCH) continues to press against resistance (Figure 2).
If you look at an intraday chart of Bitcoin Cash (BCH) on BitMEX, it is not a coincidence that the flush lower stopped at exactly the 38% of the recent run up (Figure 3). This could be a bullish development.
Bottom Line: In our view, the rally in Bitcoin Cash (BCH) and Platinum (PPLT) are both for real. Yes, they are both at resistance, so the trading call is tough. That said, dip buyers are out there.
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