2018-11-2 18:39 |
The hard fork of Bitcoin, Bitcoin Cash, is the second-best performer out of the top 100 cryptocurrencies over the past 24 hours with an over 7% appreciation. The appreciation was catalyzed by the news that Binance would be supporting the upcoming Bitcoin Cash hard fork.
#Binance will support the upcoming Bitcoin Cash hard forkhttps://t.co/xfJcrIwFZe pic.twitter.com/CWFTA13ULp
— Binance (@binance) November 2, 2018
Bitcoin Cash is the fourth-ranked cryptocurrency by market capitalization, and an appreciation of this magnitude represents approximately $500 Million being added on to its market capitalization.
Top Four Cryptocurrencies by Market CapPrice has recently met some strong support around the $400 point showing an unwillingness from buyers to let the price of the cryptocurrency go below the key $400 mark. Price had depreciated to this level from the start of the year after trading in high valuations around $2500 to $2800.
The all-time high of the project was priced in last December and was above $3500. Price is currently trading around $460, but more movements are anticipated after this key news development. Today’s daily candlestick is forming a Marubozu candle. A Marubozu candlestick is a candle with little or no wicks and a long body showing strong movement in one direction.
Bitcoin Cash Daily Chart – Source: Tradingview.comThe shorter timeframe hourly chart shows prices response to the news release. Price reacted from almost flat trading to a huge appreciation in price to facilitate the large influx of buyers.
These scenarios can also be difficult to trade for shorter-term traders as for when price runs its course; it is typical for there to be a violent swing in the opposite direction. Any positions being placed should have strict risk management procedures to protect against these scenarios. The last two hourly candles are much smaller showing that the move may be tapering off.
Bitcoin Cash Hourly Chart – Source: Tradingview.com Key Takeaways: Bitcoin Cash one of the best performers amid news that the largest exchange by trading volume, Binance, will be supporting its hard fork. Binance holders of Bitcoin Cash will be getting awarded in a 1:1 ratio the hard fork of Bitcoin Cash. The daily candle is forming a Marubozu candle showing strong bullish movement. Last two hourly candles have been smaller showing the move may be slowing down. 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.Breaking: Bitcoin Cash [BCH] Top Performer Amid Binance Fork News was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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