2018-11-29 17:42 |
Latest Bitcoin Cash News
The blockchain might be breathing a sigh of relief but serious damage has been done as far as reputation and how future hard forks will be handled. What we had with the Bitcoin Cash ABC versus SV hard fork was a war of self-interest. Proponents were covering what they think was theirs without thinking of immediate and/or long-term ramifications.
In fact, at one point the Bitcoin.com mining pool had a higher hash rate than the whole of Bitcoin Cash network and as both bolster their arsenals, renting hash, they ended up burning cash. By the time SV and CSW waved the white flag, estimates put their expenditure north of $10 million. But what they did is reverberating across the market causing double digit losses and a general drop of Bitcoin network hash rate as altcoins prices printed new lows.
CSW and crew might be successful for now and with a market cap of around $1.7 billion, the network is the seventh most valuable in the space and just $70 away from BCH spot rate. Even with this super valuation and billions out of thin year, network use is plummeting as the community remain apprehensive even with their promotion of speed, smart contract capabilities and others.
According to Blocktivity, on average the Bitcoin Cash network processes roughly 10,000 transactions with a capacity utilization index of about 0.75 percent which is nothing compared to Bitcoin where its capacity is full.
Bitcoin Cash (BCH) Price Analysis BCH/USD Weekly ChartFrom a top down approach, BCH is technically bearish dropping 20 percent in the last week but likely to recover by end year assuming there is enough momentum to sustain momentum in lower time frames. From the chart, it is clear that there are attempts of higher highs and with momentum of last week spilling over, all conservative traders ought to do is hold on tight, taking longs once there are solid gains above last week’s highs of around $290. Before then, traders are better holding neutral aware that drops below $140 or last week’s lows invalidate this upbeat projection inviting sellers who might then drive prices towards BCH SV levels of around $100.
BCH/USD Daily Chart
In the daily chart, BCH/USD appear to be recovering but before we shift momentum and buy on dips, we shall take a neutral stand until after we see gains above $230 confirming this three-bar bullish pattern, the Morning Star. Before then, we suggest patience since bears are technically in control despite the changing sentiment. However, should prices expand above our buy triggers, then we shall recommend ramping up on pullbacks with stops at around $170 and first targets at $400.
All Charts Courtesy of Trading View
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
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