2018-11-5 17:09 |
Bitcoin Cash has surged over the past three days after announcements from exchanges that they will be supporting the hard fork of Bitcoin Cash. An official announcement was made by Binance, the largest exchange by trading volume, on Friday that they would be supporting the hard fork of Bitcoin Cash. Holders of Bitcoin Cash would receive the hard fork in a 1:1 ratio driving speculators to buy Bitcoin Cash in the hopes that the hard fork version of the cryptocurrency would end up being valuable.
This announcement was the catalyst for the surge we have seen in Bitcoin Cash. Other exchanges have since announced their support giving further momentum to the rise. Over the course of three days, Bitcoin Cash appreciated from approximately $420 to a high of near $590, a 40% increase in price. Price began to retrace today and has recorded an intraday low of around $536. Price has since resumed increasing and currently trades around $560. The last three days have been on significant volume, but with the first significant retracement taking place today, we could be approaching the end of this surge.
The RSI is currently in overbought territory, but with strong buyer momentum and news developments, this is unlikely to have any impact on price action. The MACD continues to diverge to the upside, representative of the buyer momentum.
Bitcoin Cash Daily Chart – Source: Tradingview.com Key Takeaways: Bitcoin Cash surges 40% over three days catalyzed by an announcement by Binance that they will be supporting the hard fork for Bitcoin Cash. The support for the hard fork is bringing a substantial amount of buyers to Bitcoin Cash in anticipation that the hard forked version will be valuable. First significant retracement took place today indicating that this surge could be approaching its conclusion. DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.Bitcoin Cash Surges 40% Amid Hard Fork Announcements was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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