Bitcoin Cash's plunge: when will the bleeding stop?

7:37 am ET, 16 Nov 2018

Bitcoin Cash (BCH.X) is trading at $363, down -15% from yesterday.  Bitcoin Cash crashed by over $200 below the $400 support level against the US Dollar. On the BCH/USD pair's hourly chart, there is a major bearish trendline with a resistance at $380.

Bitcoin Cash's overnight crash is one of the worst in this global cryptocurrency decline.  BCH's hard fork, which is supported by major exchanges such as Coinbase, is contributing to the downward spiral.  Prior to the fork, investors were quite optimistic about the near-term prospect for BCH; however, the prospects have now changed. 

The hard fork has been making news for massive conflicts that are created within the BCH network.  There are two teams leading the fork implementation: ABC and SV Pool.

Jihan Wu and Roger Ver lead the ABC implementation gaining the first two blocks per new consensus rules.  The ABC team was in the lead by one block after the SV Pool mined their first block.  

Because of the hard fork, Bitcoin Cash charts are unavailable on major crypto portals, while the ‘BCH’ ticker is missing.  Bitfinex, a popular cryptocurrency exchange, announced that the new ticker symbol will be decided on once the hard fork is complete.

At the conflict is still looming, investors are dropping BCH like a bomb.  The decline in BCH price is approaching a 50% mark. The huge drop makes the chances of a corrective rally difficult in the upcoming period.

What is Bitcoin Cash's near-term price forecast? Here are the major technical indicators:

  • MACD is in the bearish zone. MACD (moving average convergence divergence) is a trend-following momentum indicator that shows the relationship between two moving averages of prices.  MACD is calculated by subtracting the 26-day EMA (exponential moving average) from the 12-day EMA;
  • RSI (relative strength indicator) is hovering around 50, which means the cryptocurrency has a neutral position.  RSI compares the magnitude of recent gains and losses over a specified time period to measure speed and change of price movements of a security;
  • A new major support level is forming at $355;
  • A new major resistance level is forming at $380.

Over the last 30 days, BCH.X lost -8.08%, which is 6.67 percentage points higher than the 30-day return of Bitcoin (BTC.X).

Bitcoin Cash price analysis, prediction and news bites

6:49 pm ET, 06 Nov 2018

Bitcoin Cash (BCH.X) is trading at $625.67, an 11% jump from yesterday.  BCH price has appreciated almost 50% since the beginning of the month, while technical analysts are enthused about a strong bullish trend.  What's causing the price hike and what should investors know about Bitcoin Cash? 

Bitcoin cash is about to fork again and prices have risen sharply as a result.  For much of the previous three months, BCH has struggled to gain traction: its volume waned and price declined.  Other major cryptocurrencies also surged in price ahead of hard forks as investors of the original chain were rewarded with the newly created cryptocurrency based on a 1:1 ratio.  

Generally, a bullish sentiment prevails among the traders when forking is about to take place. This is because a fork provides them free coins on top of the coins they already possess. It's fair to say that speculators find forking a good reason to earn free rewards.

Binance and Coinbase, the two most important crypto exchanges, have declared their support for the forked BCH.  The exchanges said that they would suspend any withdrawals and deposits of BCH one-to-two hours prior to the hard fork.  Coinbase assured its customers that it will allow trading of the forked BCH; however, Binance has not made any similar announcements yet.

What is Bitcoin Cash near-term price forecast? Here are the major technical indicators:

  • MACD is going to move into a bullish zone.  MACD (moving average convergence divergence) is a trend-following momentum indicator that shows the relationship between two moving averages of prices.  MACD is calculated by subtracting the 26-day EMA (exponential moving average) from the 12-day EMA;
  • RSI (relative strength indicator) is at 78, which means the cryptocurrency is oversold.  RSI compares the magnitude of recent gains and losses over a specified time period to measure speed and change of price movements of a security;
  • A new major support level is forming at $570;
  • A new major resistance level is forming at $650.

Over the last 30 days, BCH.X gained 7.23%, which is 9.98 percentage points higher than the 30-day return of Bitcoin (BTC.X).

Bitcoin Cash (BCH.X): what's the price prediction now?

6:08 am ET, 13 Oct 2018

Bitcoin Cash (BCH.X) is trading at $443.31. Bitcoin Cash is facing heavy selling interest below $450 against the US Dollar. On the BCH/USD pair's hourly chart, a key bearish trend line can be noticed with a resistance level of $450.

What should Bitcoin Cash investors be aware of?  What is Bitcoin Cash price forecast? 

From the perspective of a Bitcoin Cash investor, the price seems to have fallen off sharply since the recent highs of $573.  The previous Bitcoin Cash price spike is attributed to Bitmain's IPO announcement.  In order to offer securities to the public, Bitmain, one of the world's largest digital currency miners, filed a prospectus for its initial public offering, which instigated enthusiasm in the broader Bitcoin community.

Bitmain released its financial records for the first time indicating an excellent position on the market. It made a profit of more than $700M during the first half of 2018, an 800% year-on-year increase.

The price of Bitcoin Cash rose immediately with the announcement of the news. This is because Bitmain holds a huge amount of Bitcoin Cash. And by filling up its 'treasure chest' with more funding, Bitmain will contribute even a greater amount of money towards BCH mining.

Other than Bitmain's IPO plans, there are some other important commercial developments for Bitcoin Cash.  In order to address rising competition, several brokerages such as Gemini and Nittrex are ramping up their altcoin listings. The Gemini exchange has received a regulatory approval for its BCH listing.

What is the price sentiment towards Bitcoin Cash?  Here are the major technical indicators:

  • MACD is in the bearish zone. MACD (moving average convergence divergence) is a trend-following momentum indicator that shows the relationship between two moving averages of prices.  MACD is calculated by subtracting the 26-day EMA (exponential moving average) from the 12-day EMA;
  • RSI (relative strength indicator) is hovering around 50, which implies the sentiment towards BCH is neutral.  RSI compares the magnitude of recent gains and losses over a specified time period to measure speed and change of price movements of a security;
  • A new major support level is forming at $425;
  • A new major resistance level is forming at $460.

Over the last 30 days, BCH.X gained 7.2%, which is 10.48 percentage points higher than the 30-day return of Bitcoin (BTC.X).

Bitcoin Cash: what do the bulls and the bears say?

1:16 pm ET, 23 Sep 2018

Bitcoin Cash (BCH.X) price has been on an upswing lately.  With a renewed interest in the cryptocurrency, consumers are starting to think about investing in it again.  Here are the questions we frequently get about Bitcoin Cash as an investment (or a trading) opportunity:

  • Is Bitcoin Cash currently a buy or a sell?
  • Should I sell or hold Bitcoin Cash today, if I purchased it 3 months ago?
  • Is Bitcoin Cash a good buy/investment opportunity?

Here are the reasons to buy Bitcoin Cash (a.k.a., the bull case):

1. It is the fourth largest cryptocurrency in the market with a market capitalization of $9 billion.

2. Its goal is to get established as a mode of payment with major international merchants for which huge and ambitious payment infrastructure is built across the six continents. 

3. The transaction charge for Bitcoin Cash is cheaper than that for Bitcoin: it amounts to $0.20 for each transaction, whereas for Bitcoin it is about $1 USD per transaction.  Besides this, BCH transaction time is also faster.  This saves a lot of time and money, so people could be widely opting for Bitcoin Cash as opposed to Bitcoin. 

4. A higher number of people can access a BCH transaction compared to a Bitcoin transaction at the same time. This is because Bitcoin Cash has a block size that is 8 times larger than Bitcoin's, which makes Bitcoin Cash more scalable (and also faster).

5. Bitcoin Cash is just a year old.  It has a huge potential to capture the leading position in the crypto market. It has successfully addressed issues such as scaling so that more people can use it with convenience.

Here are the reasons to sell Bitcoin Cash (the bear case):

1. Bitcoin Cash is only 10-15% of Bitcoin's price but the cost of mining both of them is the same.  A person mining Bitcoin Cash will make significantly less profit than someone mining Bitcoin with the same tool.

2. Since the end of the bull run in January 2018, Bitcoin  Cash has suffered, with price declining by over 80%. Consequently, BCH merchant payments fell down from $10.5m in March to $3.7m in May.

3. Buyers are wary about Bitcoin Cash's centralized development and mining power. BitAntpool, BTC.com, ViaBTC, Bitcoin.com, and CoinGeek coin are currently accountable for 53.5% of all BCH mining.

The amount of mining power gathered by these groups increases the chances of a security attack.  

Over the last 30 days, BCH.X lost -23.76%, which is 20.50 percentage points lower than the 30-day return of Bitcoin (BTC.X).

Bitcoin Cash (BCH.X) price falling because of the growing rift among the developers?

7:49 am ET, 18 Sep 2018

Bitcoin Cash (BCH.X) is trading at $442, down by 1% from yesterday. Bitcoin Cash dipped again against the US dollar, approaching the support level of $410 level. 

What's causing the price dip?  It's been reported that BCH developers are fighting over the direction for the altcoin, which has been in existence less than a year.  

Hoping to attract more users and enable more transactions, the BCH stakeholders appeared to be unified in their goal to boost the cryptocurrency's block size parameter.  However, a few cracks started to pop up in this united front over the past year, as BCH developers had one technical disagreement after another.

Today Bitcoin Cash trades on various cryptocurrency exchanges such as B2BX, OKEx, Vebitcoin, and CoinEx.  It has the total market capitalization of $8 billion.  However, the price movement has been downward lately: there was a 31% fall in Bitcoin Cash price against the US Dollar in the last 7 days. 

In case the bulls fail to gather momentum, there are chances that the BCH price will fall down to as low as $400.

What is the Bitcoin Cash price forecast?  Here are the major technical indicators:

  • MACD is gradually moving back into the bullish zone. MACD (moving average convergence divergence) is a trend-following momentum indicator that shows the relationship between two moving averages of prices.  MACD is calculated by subtracting the 26-day EMA (exponential moving average) from the 12-day EMA;
  • RSI (relative strength indicator) is hovering around 40, meaning the cryptocurrency is somewhat oversold.  RSI compares the magnitude of recent gains and losses over a specified time period to measure speed and change of price movements of a security;
  • A new major support level is forming at $410;
  • A new major resistance level is forming at   $460. 

Over the last 30 days, BCH.X lost -20.15%, which is 18.94 percentage points lower than the 30-day return of Bitcoin (BTC.X).

Bitcoin Cash (BCH.X) price: where is the abyss?

9:20 am ET, 12 Sep 2018

Bitcoin Cash (BCH.X) is trading at $422, down by 5% from yesterday. This is another abrupt fall in the Bitcoin Cash price against the US Dollar. Bitcoin Cash could not clear the $470 resistance, and a bearish trend line is forming with a new resistance level of $405.

The token continues to be impacted negatively by the sell-off in the ICO market.  In addition, a ruling yesterday in the US that ICOs are covered by the US security law added to the negative sentiment. While ICOs will be judged on a case-by-case basis, the decision gives the SEC the powers to bring criminal proceedings against fraudulent companies.

In contrast to the price fall, Bitcoin Cash continues to impress investors with its technical performance.  A stress test conducted on September 1 led by the protocol miners processed about 2.2 million transactions in 23 hours.  Coingeek, Waterhole, BMG Pool, and Viabtc were some of the miners that processed transactions sized 4-15MB.  This test indicated the on-chain capability of a network. 

BCH is widely used in Venezuela, Iran, and Cyprus where it is supported by a large number of merchants. 

What is Bitcoin Cash price forecast?  Here are the major technical indicators:

  • MACD is in the deep bear zone.MACD (moving average convergence divergence) is a trend-following momentum indicator that shows the relationship between two moving averages of prices.  MACD is calculated by subtracting the 26-day EMA (exponential moving average) from the 12-day EMA;
  • RSI (relative strength indicator)  for BCH/USD  pair is below 40, which indicates the coin is oversold. RSI compares the magnitude of recent gains and losses over a specified time period to measure speed and change of price movements of a security;
  • A new major support level is forming at $455;
  • A new major resistance level is forming at $405.

Over the last 30 days, BCH.X lost -28.43%, which is 19.98 percentage points lower than the 30-day return of Bitcoin (BTC.X).

Bitcoin (BTC.X) price: still bearish, despite some positive developments

6:26 am ET, 08 Sep 2018

Bitcoin (BTC.X) is trading at $6,450, up 1% from yesterday.  Its price extended downside correction and tested the key support at $6,400 against the US Dollar.  What is Bitcoin's price forecast?

ShapeShift CEO Erik Voorhees said that the bear market for Bitcoin is not over yet.  ThinkMarkets chief market analyst Naeem Aslam thinks similarly and believes that speculators have unnecessarily intensified the downtrend by overselling Bitcoin in the global exchange market. 

However, there are a number of positive developments related to Bitcoin.  The largest bitcoin mining pool in the world BTC.com is intending to expand its operations: it released a client designed to mine the Ethereum blockchain. Initially, the pool will support Ethereum and Etereum Classic. In order to enhance profitability, the users will get an option to shift between the two Ethash based cryptocurrencies.

Around 16% of Bitcoin's computing power is accounted for by BTC.com. BTC.com also makes up 14% of the Bitcoin Cash network. The mining operations are expected to grow by 12% in the upcoming 12 months.

Here are the major technical indicators for Bitcoin:

  • MACD is placed is in the bearish zone. MACD (moving average convergence divergence) is a trend-following momentum indicator that shows the relationship between two moving averages of prices.  MACD is calculated by subtracting the 26-day EMA (exponential moving average) from the 12-day EMA;
  • RSI (relative strength indicator) is below 50, indicating the coin is oversold.  RSI compares the magnitude of recent gains and losses over a specified time period to measure speed and change of price movements of a security;
  • A new major support level is forming at $6,350;
  • A new major resistance level is forming at  $6,650.

Over the last 30 days, BTC.X lost -12.77%.

Bitcoin Cash (BCH): is there a silver lining?

4:25 am ET, 14 Aug 2018

Bitcoin Cash (BCH.X) is trading at $496, down by 13% from yesterday. Its price fell remarkably and broke the $500 support level against the US Dollar.

What is Bitcoin Cash's price forecast? Is there a silver lining?

The Bitcoin Cash developments are continuing at a rapid pace.  Updates which goal is to control network spam, and reduce fees for a certain type of transactions will soon be rolled out.  A transaction size of 100 bytes will be mandatory going forward to prevent attacks on the BCH network.

BCH's Electron Cash team has released a new version of the BCH wallet which makes the client available on less sophisticated Nokia-style phones.  With this new wallet, people who have basic mobile devices will be able to use the real Bitcoin Cash wallet and control their private keys. This will enhance BCH's adoption globally, and in particular in regions such as Asia and Africa. 

However, all these developments have not occurred without an incident.  The last couple of weeks were rough for the BCH development team--Amaury Séchet, the creator of BCH, was banned from the altcoin's Slack community. He apparently had a dispute with Roger Ver, BCH's promoter, regarding his proposal to reduce transaction times. Roger Ver wasn't appreciative of Séchet's idea,  who was removed from the Slack discussion completely.

What is the sentiment towards BCH today?  Here are the major technical indicators:

  • MACD is in the bearish zone. MACD (moving average convergence divergence) is a trend-following momentum indicator that shows the relationship between two moving averages of prices.  MACD is calculated by subtracting the 26-day EMA (exponential moving average) from the 12-day EMA;
  • RSI (relative strength indicator) is moving lower towards the 30 level, indicating the crypto is oversold. RSI compares the magnitude of recent gains and losses over a specified time period to measure speed and change of price movements of a security;
  • A new major support level is forming at $470;
  • A new major resistance level is forming at  $510.

Over the last 30 days, BCH.X lost -20.77%, which is 14.95 percentage points lower than the 30-day return of Bitcoin (BTC.X).

Bitcoin Cash price forecast: oversold?

1:51 pm ET, 24 Jul 2018

Bitcoin Cash (BCH.X) is trading at $789.03, down 2% from yesterday. There is a downside correction in the Bitcoin Cash price from $871 earlier this month. Previous week's bullish trend was breached, and now we're seeing a new support level at $750.

What is Bitcoin Cash price forecast, i.e., prediction? Will it get in the bullish territory again?  What news should investors be paying attention to?

Some developers have remarked that Bitcoin Cash protocol development has slowed down, but this should not present a concern to investors, because BCH development occurs mostly outside the protocol.  Some positive developments include the proposals for colored coins, Bitmain’s Omni layer protocol concept, and progress on the smart contract front.

The Bitcoin Cash community is debating over Pre-Consensus, a recent proposal by Amaury Séchet, Bitcoin’s lead developer. Pre-Consensus is a series of technologies that make it possible to establish standards to determine the characteristics of the next block before it is uploaded to the blockchain.   People who are positive about Pre-Consensus believe its implementation would help increase the adoption and functionality of Bitcoin Cash (BCH) and would also promote scalability solutions. 

Let's talk about BCH price now.  Here are some major technical indicators:

  • MACD  has entered into a bearish zone.  MACD (moving average convergence divergence) is a trend-following momentum indicator that shows the relationship between two moving averages of prices.  MACD is calculated by subtracting the 26-day EMA (exponential moving average) from the 12-day EMA;
  • RSI (relative strength indicator) is below 40 level, coming closer to the oversold territory.  RSI compares the magnitude of recent gains and losses over a specified time period to measure speed and change of price movements of a security;
  • A new major support level is forming at $750.
  • A new major resistance level is forming at $810.

Over the last 30 days, BCH.X lost -9.92%, which is 21.47 percentage points lower than the 30-day return of Bitcoin (BTC.X).

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