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Bitcoin Cash Price Analysis: BCH/USD May Soar to $150 if Bulls Close above $115

Latest Bitcoin Cash News

As the year comes to a close, events around Bitcoin Cash will surely be a highlight. Straight from CSW—Roger Ver publicized differences to the very expensive hard fork that has seen the original Bitcoin Cash version value more than halved, it’s surely getting tough for traders and investors in general. Nonetheless, as a project that draws its value from public participation and use, differences in opinion was expected.

Read: Gaming Firm Wants to Pay Players to Mine Cryptocurrency

While SV promotes their new coin, Roger Ver and ABC are making advances with their Zero confirmation transactions. As the creators of the coin strive to make the platform a medium of exchange and a preferred coin for merchants and everyday users, the use of zero confirm transactions has drawn criticism because of security concerns.

Also Read: Ten-Year Jail Term Looms Large for Former Mt. Gox Chief

Zero confirm transactions could be double spent and the Chris Pacia’s  Avalanche could be the solution that tame double spending and risk of Sybil attacks. All unconfirmed transactions would be protected by a group of 100 miners identified by those miners who mined the last 100 blocks. In the case of a double spend, these miners decide which transaction is valid without changing proof of work and orphaning any invalid block.

BCH/USD Price Analysis

BCH/USD Price Analysis

Generally, the trend is bearish and because of last week’s 29 percent drop, BCH is down to seventh with a market cap of $1.675 billion. From candlestick arrangement and trend, it is likely that BCH will find support after more than halving in the last month. If that comes to pass then we might see expansion above $100 and $115 in the next few days.

Trend: Bearish, Ranging

After four weeks of massive losses, BCH/USD is now ranging. Prices are oscillating within a tight $26 range with floors at $90 and caps at $116 or Dec 7 highs. Ideally, we would like to see prices expand above yesterday’s highs at $100 and rally above $116 as bulls kick-start reversal of last month’s losses.

Depending on your trading style, surges above $100 could trigger first lot of buying pressure with traders flocking in once there are solid gains above Dec 7 highs of $116. If not and prices sink below $90, then a BSV–BCH flip will be inevitable as bear trend continue.

Volumes: Decreasing, Bullish

On average, BCH related transactions is around 2.5k. That is why the events of Dec 7 which resulted in a bullish pin bar defines our price action. With 19k versus 9k on average volumes, the bar’s high-low defines our trading range. As we wait for a breakout below $90 or $100 and $115, these thrusts should be accompanied by high trading volumes and above average trade ranges.

Candlestick Formation: Bear Breakout, Ranging

As mentioned, the trend is bearish but after one month of steep losses, BCH/USD is now accumulating within a tight $26 range. For trend validation and continuation, then sellers need to quash bulls and break below $90. If not and there are expansions above $100 and most importantly $115, then it is highly likely that prices will test $150 by the end of the year.

Conclusion

Considering how candlesticks are laid out and sentiment around this coin, our BCH/USD trade plan will be as follows:

Buy: $100, $115

Stop: $90, $100

First Target: $150

All charts Courtesy of Trading View.

This is not Investment Advice. Do you own Research.

The post Bitcoin Cash Price Analysis: BCH/USD May Soar to $150 if Bulls Close above $115 appeared first on Ethereum World News.

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Bitcoin Cash (BCH/USD) Price Analysis: Less than 48 Hours after Bitmain Q3 “Leaked” Losses, BCH is $20 Away From $100

Latest Bitcoin Cash News

Unconfirmed reports indicate that Bitmain—the Beijing based behemoth that manufactures and supplies the world with ASIC miners—will post huge losses for the third quarter mostly because of dropping digital asset prices and drop in mining gear demand.

The company is yet to make their disclosure but we can only forecast what they are set to announce now that previous reports indicate that Bitmain owned more than one million BCHs and are yet to sell their rewards right after splitting off from the legacy chain back in August 2017.

Add to this the hash war where a BitMex Research study said both camps used approximately $10 million to prevent an over-run and Bitmain might end up posting higher losses than the $730 million leaked.

This is bad news for BCH and at spot prices, losses are step and look like miners are switching over to BCH SV—the only coin to post gains in the last week—in the process affecting the total network hash rate.

According to data, the Bitcoin Cash network now has a hash rate of around 1.22 EH/s down from 7 EH/s it posted at the height of the hash rate war when they had to channel computing power from Bitcoin.com with further bolster from hash renting and from volunteering supporters. Statistics indicate that hash rate is down 11 percent in the last 24 hours alone.

BCH/USD Price Analysis

BCH/USD Price Analysis

Prices are free falling and at current rates, BCH is down 16 percent and 38 percent in the last day and week. From candlestick arrangements and pace of decline, it is likely that BCH will test $100 or lower by year’s close.

Trend: Bearish

As it is, post-hard fork declines are devastating and as along as BCH/USD is trading below week ending Nov 25 low, we expect the drain and trend to be firmly bearish.

Volumes: Bearish

Of interest is yesterday’s bear breakout bar driving prices below week ending Nov 25 lows of $150. Dec 5 bar had twice the daily averages volume of 31k against 18k further exposing dropping network activity—and increasing vulnerability.

Candlestick Formation: Bear Breakout

The gap down days after the Nov 15 hard fork did confirm the bear breakout of early August. Straight from candlestick arrangement to tapering activity, the trend is down and bears are in control as they trend within a bear breakout pattern.

Conclusion

Thing is, the uncertainty about what the future of BCH holds is affecting prices. As long as BCH/USD is trading below week ending Nov 25 lows of $150 with support from increasing market participation—dumping—then it is likely that BCH will test $100 or lower in coming days. Of course, this will be disastrous for the network’s security as miners—businessmen searching for better deals–will switch to SV or the legacy chain where prices are better.

All charts courtesy of Trading View.

This is not Investment Advice. Do you own Research.

The post Bitcoin Cash (BCH/USD) Price Analysis: Less than 48 Hours after Bitmain Q3 “Leaked” Losses, BCH is $20 Away From $100 appeared first on Ethereum World News.