Bitcoin Cash Price Analysis: BCH Tops Performance despite Losses
Even with lower lows in the last day, Bitcoin Cash is a top performer in the last week. Despite losses, BCH could benefit from strong volumes backing recent revivals. Further supporting price is the increase in adoption and expected coin listing from the regulated Gemini.
Latest Bitcoin Cash News
Bitcoin Cash Talk forum is for discussing matters related to Bitcoin Cash only. Though controversial—because it clones the original BitcoinTalk forum, the publishers of the site say the forum is “for all discussion related to Bitcoin as a peer-to-peer electronic cash system for the world.”
There, Bitcoin Cash is Bitcoin. For a wider base, it has a multi-lingual Local Forum. Users can contribute on discussions pertaining Economy, General Discussion, Mining and Project Development. Needless to say, this platform complements that of Bitcoin.com, which is the official mouthpiece for Roger Ver and Bitcoin Cash. As it is, this forum is a retaliatory platform that the creators say is censorship free, open minded and independent.
Away from forums, Winklevoss Twins Gemini exchange has the approvals from regulators to list Bitcoin Cash. While the exact date of launch is not yet official, the popular exchange is keen to support the fourth largest coin by market capitalization. This comes at a time when Bittrex declared their support for BCH increasing the liquidity base of Bitcoin Cash.
From the adoption front, Big Tickets now accepts BCH after integrating with BitPay. Similar to Big Tickets is Hackerone, a bounty hunter group, and CoinText, a company that allows BCH to be sent via text, did announce their support.
Bitcoin Cash Price Analysis
In the top 10, Bitcoin Cash is definitely a top performer despite losses. While these movement are miniscule compared to what traders were expecting, BCH prices are still trending inside week ending Sep 9 bear bar and below $600 main resistance line.
Like before, it’s important to note that prices are down more than 85 percent and it is around this correction levels that reversals happen. Unless otherwise there are strong surges above $600, Bitcoin Cash sellers are technically in charge.
Any break below $400 most likely be inviting for sellers eyeing $300 and $250. Those are Bitcoin Cash all-time-lows. Because of this, our recommendation to buyers is to remain neutral to bearish until after there are moves above $600—cancelling our bear stand, or $400 cementing our previous BCH sell projection.
Here, BCH is literally stuck in a consolidation with main resistance level at $600 as traders trade in line with early August break below. Needless to say, there are hopes for bulls. Not only is there a consolidation inside Sep 27 and 28 high low, but the sharp increase in trade volumes bolsters confidence.
Besides, 2018 correction has been extensive and according to Fibonacci retracement rules, prices do reverse around these levels. In any case, aggressive, risk off traders can load longs at spot prices with stops at $450 with first targets at $600. Any liquidation past this support level re-affirms our overall position.
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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