2018-11-15 17:51 |
Latest Bitcoin Cash News
It’s a bloodbath out there and the last 24 hours double-digit losses did stun market participants. The bad news is that it could get worse for Bitcoin Cash holders, investors and community. As if the 32 percent week over week and 17 percent drops in the last week and day is not enough, the hash-rate war between Bitcoin Cash SV led by Craig Wright and Bitcoin Cash ABC masterminded by Roger Ver with support from the community, Amaury and remotely by Jihan Wu, the co-founder of Bitmain is chain threatening. It’s an ego problem and all these could have been abated via consensus earlier on.
Bitcoin Cash SV leader Craig claims he is Satoshi and to fulfill his “initial objective” here is resisting ideas of Canonical Transaction Ordering, activation of DSV addresses and capping block size limits. And through CoinGeek and other mining pools, he has the hash rate to revert Bitcoin Cash into factory settings and that is reactivation of operation codes, elimination of block size limits in the long run and reclaiming lost coins while donating all coins held at DSV addresses.
The miner community is supporting his ideas but Roger Ver is frowning and to counter this, all mining pools under their control shall temporarily redirect their computing power and prop their official version Bitcoin Cash ABC. At the same time, Bitmain would activate 90,000 and redirect hashing power from Bitcoin—the effect is already visible—BTC prices are crashing as a result!
Bitcoin Cash (BCH) Price Analysis BCH/USD Weekly ChartFrom a top down approach, it is clear that BCH and the altcoin market is bleeding. At some point, BCH prices did tank by 32 percent with daily losses exceeding 20 percent. But that is not important what is should guide us is the path of least resistance that was set by early August bears.
Not only did bears melt below multi-month support trend lines but the volumes accompanying this drawn down was huge. Then, in two weeks, prices sunk from $850 breaching the $600 support level—now resistance—and BCH/USD is yet to recover.
Like in our previous BCH/USD trade plans, we shall retain a bearish outlook as long as prices are trending below $600 and later execute shorts once there are sold breaks below $400. Our trade conditions are yet to be activated by could later today more so if the hash rate war favors Bitcoin Cash SV.
BCH/USD Daily ChartThing is BCH/USD price action is now sentimental than technical. As Bitcoin Cash stands at a precipice we expect prices to either sink below $400 triggering shorts with first targets at $300 or rally if hash power shifts to Bitcoin Cash ABC quashing Bitcoin Cash SV and Craig’s objective.
Though we recommend staying away until calm return, if prices dip below $400 in the next 48 hours or so then we recommend dumping BCH as it could end up printing below $300. On the flip side gains above the trade range is overly positive and could see BCH/USD print $850.
All Charts Courtesy of Trading View
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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