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#Bitcoin Cash Price Analysis

Bitcoin Cash Price Analysis: BCH/USD under recovery, 6 August.

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Bitcoin cash price declined beneath the $540 key support against the US Dollar. BCH/USD may maybe keep on moving down towards the $520 and $510 levels.

Bitcoin Cash Price Key Focuses

  • Bitcoin cash price discovered support close to the $684 level and began a recuperation against the US Dollar.
  • There was a break over a fleeting bearish pattern line with resistance at $705 on the hourly chart of the BCH/USD match (information feed from Kraken).
  • The match could keep on trading higher towards the following resistance at $740 in the close term.

Bitcoin cash price is gradually recouping above $700 against the US Dollar. BCH/USD may maybe recoup promote towards the following obstacle at $740.

Bitcoin Cash Price Recuperation

This previous week, we saw overwhelming decays underneath the $750 support in bitcoin cash price against the US Dollar. The BCH/USD match declined and broke the $720 and $700 support levels. It exchanged as low as $684 and later began an upside rectification above $700. It broke the 23.6% Lie retracement level of the last decay from the $736 high to $684 low. It appears as though the price moved into a transient positive zone above $700.

Amid the ascent, there was a break over a fleeting bearish pattern line with resistance at $705 on the hourly chart of the BCH/USD combine. Right now, the price is exchanging close to the $7220 resistance and the 100 hourly straightforward moving normals. Additionally, the 61.8% Lie retracement level of the last decay from the $736 high to $684 low is at $716. Along these lines, a break and close over the $720 resistance could open the entryways for more pick up. The following significant obstacle on the upside is close to the last high at $736 and $740.

BCHUSD Price Chart 6 August

BCHUSD Price Chart 6 August

Taking a gander at the chart, Bitcoin Cash price is gradually moving higher, yet upsides may well be constrained close to the $735-740 zone. Over this, the price could exchange above $750 in the close term.

Taking a gander at the specialized pointers:

Hourly MACD – The MACD for BCH/USD is back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is presently well over the 55 level.

Real Support Level – $700

Real Resistance Level – $740

#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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