Bitcoin Cash Price Watch: BCH Adds 6.6 Percent as Bitcoin XT Pulls out of Hard Fork Plans
Today's Bitcoin Cash (BCH) News
That Bitcoin, the world’s most valuable asset, has already won the crypto war is true, if not obvious. It’s value alone is an indication that the network is on demand and with the backing of major regulators confirming its high level of decentralization, it leaves little to no space for the community to heed Roger Ver’s assertion.
The controversial influencer is an ardent Bitcoin Cash supporter and although valuable, fast and advancing for Keynesian principles of coin expenditure over holding because Bitcoin Cash is the true “Bitcoin” aligning with what Satoshi plans, the investor community thinks otherwise.
For one, a recent Twitter poll reveals that despite BCH 5X surge in the last five-months, they would rather spend invest in Ethereum (ETH) than Bitcoin Cash (BCH). All the same, we cannot discount Bitcoin Cash and their developer overall objectives.
With Schnorr signatures patent expired, they plan to be the first to replace the EDCA protocol with Schnorr signatures in a bid to improve the network’s on-chain throughput while concurrently boosting privacy thanks to a leaner Schnorr requirements.
Scheduled for May-15, the upgrade will be executed smoothly despite news that the Bitcoin XT team will not tow in as they are pro-miner and don’t agree with the Bitcoin ABC “control” over network’s operations. Even so, Bitcoin ABC hard fork will proceed without hitches because at the time of press, Bitcoin XT had six nodes in operation.
Bitcoin Cash (BCH) Live Price
1 BCH/USD =$1,424.1519 change ~ 6.46%
BCH/USD Price Analysis
At spot rates, Bitcoin Cash is up 6.6 percent from last week’s close but pretty stable in the daily time frame. Nonetheless, the trend is clear and after a 5X surge in the last 5-months, every low is technically another buying opportunity.
Note that like most assets, BCH is trading within a bullish breakout pattern against the USD with Apr-2 bar triggering the current bull wave. Even so, momentum has waned and prices are largely consolidating within a $250 trade range with caps at $150 and tops at $400.
All in all, since the trend is clear and bulls are in control as prices bounce off the 61.8 percent Fibonacci retracement of the first week of April bull bar, risk-off traders can load on dips with modest targets at $400.
On the other side, risk-averse traders should wait for better signals and that means once prices rally above $300, the breakout bar must be with high transaction levels exceeding recent averages of 58k and most importantly exceed 97k of May 4.
Meanwhile, any drop below $230 invalidates this trade plan and the resulting sell-off could see prices slide to $160 or lower.
Chart courtesy of Trading View—CoinBase
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.