Bitcoin Cash Price Watch: Schnorr Signature Pumping BCH, Nov 2018 Losses REVERSED!
Today’s Bitcoin Cash (BCH) News
Well, Bitcoin Cash claims to be the real Bitcoin, advancing the vision-mission statement as laid out by Satoshi Nakamoto. His objective, according to what is spelled out from the cryptocurrency’s white paper, was to create a peer-to-peer electronic cash system. Roger Ver and other supporters therefore hard forked from Bitcoin legacy.
For a while they were successful but after last Nov 2018 disastrous hash war led to another split creating Craig’s Satoshi Vision, the network continues to be on pundits’ radar. Considering the level of participation, which is relatively low, and median transaction value, which is also unfortunately low, the success of May-15 hard fork was therefore top priority.
The objective here was to create a more robust network that in theory could scale on-chain while simultaneously infusing privacy features a feat possible through the incorporation of Schnorr Signatures.
By taking advantage of expiring patent and upgrading ahead of Bitcoin, BCH users would be more secure and private but well, there was a hitch. Moments after the activation of the hard fork on block height 582,680, there seem to have been another split as the network temporarily froze thanks to a separate bug that affected the Bitcoin Cash mempool causing the second block to be delayed for up-to 30 minutes.
BitMex Research said the new upgrade was invalidating block generated after 582,680. Good news is the network is now working properly after the bug was patched clearing the mempool and allowing for normal block generation.
Bitcoin Cash (BCH) Live Price
1 BCH/USD =$478.2506 change ~ 4.23%
BCH/USD Price Analysis
At the time of press, Bitcoin Cash (BCH) bulls are in control, mirroring BTC, and up a massive 46.3 percent from last week’s close. Even though bulls are slowing down, changing hands at $415, widening its gap from EOS by $600 million, there are more upside potential thanks their positive correlation with BTC pumped by the upbeat market and fundamental reasons.
From our last BCH/USD trade plans, our targets at $350 and $400 have been hit and what we have is a trend continuation. The clearance of the $400 mark is not only a milestone for BCH traders as buyers are at an advantage, successful in reversing last year’s losses but there has been a nullification of sellers of Nov 2018. That means there is a high possibility that prices will rally towards $600, the 161.8 percent Fibonacci extension pattern of Nov-Dec 2018 high low.
On the flip side, assuming this was a false breakout, the resulting draw-down could see prices slide back to $300 in a bear trend continuation phase.
All Charts 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.