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#Bitcoin Cash Price Analysis

Bitcoin Cash Price Analysis: BCH Price Falls

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Bitcoin Cash Price Key Focuses

  • Bitcoin cash price declined as of late and broke the $575-580 support against the US Dollar.
  • There is a noteworthy bearish pattern line set up with resistance at $582 on the hourly outline of the BCH/USD pair.
  • The pair may proceed to slide and it could even test the $550 support level in the close term.

Bitcoin cash price broadened decays underneath $600 against the US Dollar. BCH/USD is as of now under strain and it looks set to test the $550 support.

 

Bitcoin Cash Price Analysis

Recently, we saw an all-inclusive drawback rectification underneath the $600-605 support in bitcoin cash price against the US Dollar. The BCH/USD pair exchanged beneath the $575-580 support territory to move into a fleeting bearish zone. Additionally, there was a nearby underneath the $600 level and the 100 hourly basic moving normal. Amid the decrease, the price even outperformed the 61.8% Lie retracement level of the last wave from the $533 low to $638 swing high.

The price as of late tried the $560 support and it is as of now uniting misfortunes. An underlying resistance is close to the 23.6% Lie retracement level of the ongoing decay from the $638 high to $559 low. In addition, there is a noteworthy bearish pattern line set up with resistance at $582 on the hourly outline of the BCH/USD pair. Purchasers need to push the price over the pattern line and the $580 resistance to continue uptrend. Over the pattern line, the 100 hourly SMA is close $590 to go about as a resistance.

 

BCHUSD 5 day chart 9th November

BCHUSD 5 day chart

 

Taking a gander at the diagram, BCH price is at present under strain underneath the $600 level and the 100 hourly straightforward moving normal. For whatever length of time that there is no nearby above $600, there are odds of more slides towards the $550 support level.

 

Taking a gander at the technical markers:

Hourly MACD – The MACD for BCH/USD is put intensely in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently well underneath the 40 level.

Significant Support Level – $550

Significant Resistance Level – $590

#Bitcoin Cash Price Analysis

Bitcoin Cash falling to 0? Is BCH worthless?

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Today, Bitcoin Cash price fell below Ethereum and this is for the very first time that BCH has fallen below ETH since its inception.

Bitcoin Cash has been falling sharply since the hard fork happened last month which led to the generation of Bitcoin Satoshi Vision. Today, Bitcoin Cash price fell below Ethereum and this is for the very first time that BCH has fallen below ETH since its inception.


Bitcoin Cash is currently trading around $79 while ETH trades around $84 according to CoinGecko (at the time of writing).
Along with the price, the total market capitalization of Bitcoin Cash has also fallen bringing down BCH on the 7th position in cryptocurrencies according to CoinMarketCap.

 

Is it the end for BCH?

Bitcoin Cash team has been continuously trying to attack the real bitcoin from the day of its inception. The team has been trying to bring Bitcoin Cash to mainstream adoption but it doesn’t seem that they have been successful in that. Unlike Bitcoin which truly has a good amount of adoption rate by merchants throughout the world, Bitcoin Cash does not have much of an adoption. Besides that, the daily transactions of BCH are nearly 1/10th of Bitcoin.

Bitcoin Cash Price Analysis

Technical Indicators:

Support Level: $75

Resistance Level: $84

BCHUSD 2 day chart

BCHUSD 2 day chart

In the 2 day chart, Bitcoin Cash was trading at around $96 yesterday and crashed down to around $78 today where it is currently being traded. The main support level of BCH lies around $75 and the resistance level is around $83. BCH is currently trying to recover back from the recent crash but the selling pressure however is quite high which may push the price downwards and Bitcoin Cash could even fall below $70 in short term. However, market analysts are predicting that the price of BCH is likely to fall below $50 before the end of the year.

The following article is not a financial advice. Readers are advised to do their own research and analysis before making any investment decisions in the cryptocurrency market. 

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#Bitcoin

Roger Ver & Bitmain face lawsuit for allegedly hijacking Bitcoin Cash Network

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Roger Ver and Bitmain along with others have been alleged to take control of the Bitcoin Cash network for personal gains.

After the deadly hash-wars between Bitcoin Cash ABC and Bitcoin Cash SV teams, which eventually led to the entire cryptocurrency market downfall, Roger Ver and Bitmain along with others have been alleged to take control of the Bitcoin Cash network for personal gains.

United American Cord issues a statement saying:

“What is alleged to have been a well-planned scheme to take control of the Bitcoin Cash network for personal gain and which caused a global capitalization meltdown of the Bitcoin Cash network at the expense of others”

 

The lawsuit against Roger Ver, Bitcoin.com & Bitmain and others

The lawsuit is against Roger Ver, Bitcoin.com, Bitmain and Kraken and seeks damages and injunctive relief for the victims. The lawsuit alleges that:

“in unfair methods of competition and through a series of unconscionable, deceptive and unfair practices, manipulated the Bitcoin Cash network for their benefit and to the detriment of UnitedCorp and other Bitcoin Cash stakeholders”.

 

Bitcoin Cash ABC planted a “poison pill” during the hard fork

It is furthermore alleged that after the hard fork of Bitcoin Cash, on 20th November, 2018, the Bitcoin ABC team planted a “poison pill” into the blockchain code in order to remain in control of the network at all times. This also makes Bitcoin ABC a centralized blockchain.

The full statement by American Cork can be found here.

 

At the time of writing this article, Bitcoin ABC is trading at $102.00 while Bitcoin SV is trading at $106.47


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#Bitcoin Cash Price Analysis

Bitcoin Cash ABC Price Analysis: BCHABC going down to $100?

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Bitcoin Cash ABC price fell below the $150 support level due to the selling pressure and may now test the next support at $120.

Support Levels: $140, $130, $120

Resistance Level: $145

 

Key Points

  • As of yesterday’s predictions, Bitcoin Cash ABC price broke the key support at $150 and went below this range.
  • A new resistance at $145 is creating a bearish trend line on the 1-hour chart.
  • BCHABC will likely fall below $140 if the selling pressure keeps increasing.

Bitcoin Cash ABC price fell below the $150 support level due to the selling pressure and may now test the next support at $120.

 

Bitcoin Cash ABC Price Analysis

As of yesterday’s predictions, Bitcoin Cash ABC price broke $150 support level and is trading below $145 with a resistance set around $145 and $150. BCHABC is currently trading at a yearly low of $142 (at the time of publishing) according to CoinGecko Charts and may extend losses below $130 to test the next support level of $120.


 

The daily charts of BCHABC predict that BCHABC price is currently under massive selling pressure. The price will fall further breaking the small support levels at $140 and $130 to test the major support at $120.

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