2019-1-17 17:03 |
Latest Bitcoin Cash News
When everything has been said and done, the survival of open source projects largely depends on adoption. That’s the rate of a customer onboarding and based on human nature, there is a minimum threshold before the project steams off, even becoming a monopoly.
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As a Bitcoin spin-off and barely two months from a splinter that saw prices as well as hash rate tumble, a lot depends on market confidence. If that in any way fades and user participation takes a hit then we might see network security drop to a risky level allowing hash renting hackers to launch attacks without expending much.
Luckily, there is progress and use cases are picking in Venezuela where a severe depression combined with hyperinflation means the only way of storing value in an economy cordoned off from the rest of the world is via a global, censorship resistance digital asset.
Also Read: US Investors Lost $1.7 Billion Due to Bear Market; These Losses May Be Tax Deductible
Amongst many, there is Bitcoin Cash and proponents are tirelessly pushing their agendas. As reported by Bitcoin.com, the latest BCH meet up saw 347 registrations with the group’s leader, Lizbeth Alviarez, informing attendants that members are doing everything they can to drive adoption. She went on to say that though there is penetration, it is not as rapid as reported in the world’s media as these users are mostly speculators playing the market for profit as they check out in USD or Bolivars.
BCH/USD Price AnalysisAs the bear market continues to bite, BCH is down 20.2 percent in the last week. We expect this to continue throughout this week and although there can be a revival where short term demand can see prices rise towards $230 or Dec 2018 highs, it mostly depends on how prices react at spot levels.
First, notice that BCH/USD is trading within a larger bear breakout pattern with clear resistance at $400. And as breakout trading rules dictate, prices must expand to $400 for a valid retest to be complete. Therefore, despite the 90 percent drops from 2017 peaks, the revival of late December 2018 may, after all, be a retest and these corrections may be perfect loading zones for aggressive traders aiming at $230 and even $400 as mentioned in our last BCH/USD trade plan.
Moving on, bulls are in control and aggressive traders should wait for a three-bar bull reversal pattern lifting prices above $150 to print before committing with first targets at $150. Meanwhile, conservative traders should wait for a clean break above $230 or Dec 2018 highs before trading on breakouts with targets at $400 as aforementioned.
All Charts Courtesy of Trading View – CoinBase
Disclaimer: Opinions are those of the author. Do your Research.
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