Bitcoin Cash Price Analysis: BCH Starts to Retrace After Pre-Fork Spike

2018-11-13 19:29

Bitcoin cash has an upcoming hard fork on the 15th November. The fork will result in a chain split with two different Bitcoin Cash blockchains. Bitcoin ABC, supported by Roger Ver and Bitmain, will keep the same block size. Whereas Bitcoin SV, supported by Coin Geek and Craig Wright, will increase the block size to 128mb.

Over the past two weeks, numerous major exchanges such as Binance and Coinbase announced their support for the fork. This means holders of Bitcoin Cash will receive the forked blockchain in a 1:1 ratio. This resulted in many buyers rushing to Bitcoin Cash in anticipation that the forked cryptocurrency would be valuable. Price increased from around $424 to a high around $630.

The anticipation has started to die down, and the price has retraced to around $500. The problem with trading events such as hard forks is it id difficult to assess where the end of a run is and the movement from $630 to $500 in Bitcoin Cash shows this. Price seems to have met some support at the 50 EMA, but momentum is still with the sellers. The MACD converges to its centerline, and the RSI decreases. The MACD is also crossing its signal line to the downside, a bearish signal.

Bitcoin Cash Daily Chart – Source: TradingView.com Key Takeaways: Bitcoin Cash surged from $425 to $630 wit exchanges announcing their support for the upcoming hard fork. Bitcoin Cash has since started to retrace and is currently trading around $500. Price seems to be meeting some support at the 50 EMA, but momentum is still with the sellers. Both the MACD and the RSI are decreasing, and the MACD is also crossing its signal line to the downside.

Bitcoin Cash Price Analysis: BCH Starts to Retrace After Pre-Fork Spike was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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bitcoin cash fork supported block size starts

Источник: blokt.com

bitcoin cash → Результатов: 126


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