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#Bitcoin Cash Price Analysis

Bitcoin Cash Price Analysis: BCH/USD Facing Huge Losses, 8 August.

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Bitcoin cash price declined vigorously subsequent to shutting beneath $700. BCH/USD could keep on moving down towards the $620 and $600 levels.

Bitcoin Cash Price Key Focuses

  • Bitcoin cash price declined strongly and broke the $700 and $670 support levels against the US Dollar.
  • Yesterday’s featured vital bearish pattern line anticipated increases close $705 on the hourly diagram of the BCH/USD combine (information feed from Kraken).
  • The combine is under a ton of weight and it could slide facilitate towards the $620 support.

Bitcoin cash price declined vigorously subsequent to shutting beneath $700 against the US Dollar. BCH/USD could keep on moving down towards the $620 and $600 levels.

Bitcoin Cash Price Decrease

There was an OK recuperation yesterday over the $700 level in bitcoin cash price against the US Dollar. In any case, the BCH/USD match was finished rejected by the $708-710 resistance zone. Numerous obstacles close to the $710 level kept an upside break, including the 100 hourly straightforward moving normal. The 61.8% Lie retracement level of the last drop from the $720 high to $680 low additionally went about as a resistance.

All the more essentially, yesterday’s featured imperative bearish pattern line averted increases close $705 on the hourly outline of the BCH/USD combine. The match began a sharp drawback move and broke the $700 and $670 support levels. It opened the entryways for more misfortunes and the price even broke the $650 support. It appears as though the price is probably going to quicken misfortunes underneath $650 and it could exchange towards the $620 support. Beneath this, the price may even test the $600 handle. An underlying resistance on the upside is close to the $650-660 zone.

BCHUSD Price Chart 8 August

BCHUSD Price Chart 8 August

Taking a gander at the graph, Bitcoin Cash price is obviously in the red zone beneath $670. In the event that it redresses higher, the past supports like $670, $680 and $700 are probably going to go about as a solid boundary for purchasers. On the drawback, $600 support may well assume an essential part in the close term.

Taking a gander at the specialized pointers:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently close to the oversold levels.

Real Support Level – $620

Real Resistance Level – $670

#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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