2018-10-18 17:35 |
Overly, Bitcoin Cash prices are stable but down 10 percent in the last day. Even if BCH is technically bearish and made worse by the lack of consensus ahead of November hard fork, Bitmain successful IPO and bottoming BTC prices could be the impetus to reverse recent losses driving prices back to $600 and even $850.
Latest Bitcoin Cash NewsThere is a Bitcoin Cash war in progress and as impasse continue, the uncertainty around next month’s Bitcoin Cash hard fork threatens to affect investors BCH investment. Already, Gemini, a regulated US exchanges operating from the stringent New York State has postponed the listing of Bitcoin Cash until the waters clear.
At the moment it is stormy and it has been worsened by Bitcoin SV backed by nChain and CoinGeek publishing the details of their software client in GitHub. According to reports, they have purposefully made this release incompatible with consensus changes implemented by Bitcoin ABC which is by far the most dominant commanding a major share of the dominant BCH full node client. The situation has been murky and it all roots back to ideological differences pitting Bitcoin ABC against SV.
Both camps have support from major players with Bitmain’s Jihan Wu having a go at Craig Wright who believes the success of Bitcoin SV will snap back BCH to what Satoshi Nakamoto meant by a peer to peer cash electronic payment system.
To achieve this Bitcoin ABC plans to implement Canonical Transaction Ordering (CTOR) saying this will scale the network without the need of off-chain solutions as Lightning Network. On the other side, Bitcoin SV will raise block size from 32MB to 128MB, increase the number of operation codes per script from 201 to 500 and reintroduce four Satoshi Opcodes
Bitcoin Cash (BCH) Price Analysis Weekly Chart AnalysisOn a weekly basis is down 10 percent according to statistics, but stable. Even if prices are moving inside within week ending Sep 9, the long upper wick of this week hints of selling pressure in lower time frames.
This sell pressure is preventing price surges above $600 reversing losses of week ending Sep 9 meaning our last Bitcoin Cash trade plan is valid more so for risk-averse traders who need to see strong reversal of this bear pressure and gains above the main resistance level at $600.
Moving on, the main support line remains at $400 and as before, any attempts of lower lows cancels the upbeat bullish projection ushering in sellers aiming at $250 which is Bitcoin Cash all-time lows.
Unless otherwise there are strong spikes above $600, the fact that bulls are finding resistance at $550-$600 hints of underlying sell pressure than could by extension mean sellers are in control trending in line with the bear break out pattern of early August and cemented by week ending Sep 9 losses.
Daily Chart Analysis
The consolidation of the last two months is clear in this time frame. Although Bitmain successful IPO could push BCH higher and above $600, any dip below $400 in case their November hard fork become messy shall confirm the general bearish candlestick formation of this year.
Note that it’s a bear break out pattern as set up in early August and liquidation to pick up then we must see high-volume losses syncing with Oct 11 losses driving prices below $400.
Nonetheless, BCH prices are stable in the daily time frame and even trading within Oct 15 high low. Considering the volumes and rejection of lower lows, we recommend risk-off traders to load up at spot prices with first targets at $600. Safe stops should be at $400.
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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