Bitcoin Cash (BCH.X) is trading at $422, down by 5% from yesterday. This is another abrupt fall in the Bitcoin Cash price against the US Dollar. Bitcoin Cash could not clear the $470 resistance, and a bearish trend line is forming with a new resistance level of $405.
The token continues to be impacted negatively by the sell-off in the ICO market. In addition, a ruling yesterday in the US that ICOs are covered by the US security law added to the negative sentiment. While ICOs will be judged on a case-by-case basis, the decision gives the SEC the powers to bring criminal proceedings against fraudulent companies.
In contrast to the price fall, Bitcoin Cash continues to impress investors with its technical performance. A stress test conducted on September 1 led by the protocol miners processed about 2.2 million transactions in 23 hours. Coingeek, Waterhole, BMG Pool, and Viabtc were some of the miners that processed transactions sized 4-15MB. This test indicated the on-chain capability of a network.
BCH is widely used in Venezuela, Iran, and Cyprus where it is supported by a large number of merchants.
What is Bitcoin Cash price forecast? Here are the major technical indicators:
Bitcoin (BTC.X) is trading at $6,450, up 1% from yesterday. Its price extended downside correction and tested the key support at $6,400 against the US Dollar. What is Bitcoin's price forecast?
ShapeShift CEO Erik Voorhees said that the bear market for Bitcoin is not over yet. ThinkMarkets chief market analyst Naeem Aslam thinks similarly and believes that speculators have unnecessarily intensified the downtrend by overselling Bitcoin in the global exchange market.
However, there are a number of positive developments related to Bitcoin. The largest bitcoin mining pool in the world BTC.com is intending to expand its operations: it released a client designed to mine the Ethereum blockchain. Initially, the pool will support Ethereum and Etereum Classic. In order to enhance profitability, the users will get an option to shift between the two Ethash based cryptocurrencies.
Around 16% of Bitcoin's computing power is accounted for by BTC.com. BTC.com also makes up 14% of the Bitcoin Cash network. The mining operations are expected to grow by 12% in the upcoming 12 months.
Here are the major technical indicators for Bitcoin:
Over the last 30 days, BTC.X lost -12.77%.
Bitcoin Cash (BCH.X) is trading at $496, down by 13% from yesterday. Its price fell remarkably and broke the $500 support level against the US Dollar.
What is Bitcoin Cash's price forecast? Is there a silver lining?
The Bitcoin Cash developments are continuing at a rapid pace. Updates which goal is to control network spam, and reduce fees for a certain type of transactions will soon be rolled out. A transaction size of 100 bytes will be mandatory going forward to prevent attacks on the BCH network.
BCH's Electron Cash team has released a new version of the BCH wallet which makes the client available on less sophisticated Nokia-style phones. With this new wallet, people who have basic mobile devices will be able to use the real Bitcoin Cash wallet and control their private keys. This will enhance BCH's adoption globally, and in particular in regions such as Asia and Africa.
However, all these developments have not occurred without an incident. The last couple of weeks were rough for the BCH development team--Amaury Séchet, the creator of BCH, was banned from the altcoin's Slack community. He apparently had a dispute with Roger Ver, BCH's promoter, regarding his proposal to reduce transaction times. Roger Ver wasn't appreciative of Séchet's idea, who was removed from the Slack discussion completely.
What is the sentiment towards BCH today? Here are the major technical indicators:
Bitcoin Cash (BCH.X) is trading at $789.03, down 2% from yesterday. There is a downside correction in the Bitcoin Cash price from $871 earlier this month. Previous week's bullish trend was breached, and now we're seeing a new support level at $750.
What is Bitcoin Cash price forecast, i.e., prediction? Will it get in the bullish territory again? What news should investors be paying attention to?
Some developers have remarked that Bitcoin Cash protocol development has slowed down, but this should not present a concern to investors, because BCH development occurs mostly outside the protocol. Some positive developments include the proposals for colored coins, Bitmain’s Omni layer protocol concept, and progress on the smart contract front.
The Bitcoin Cash community is debating over Pre-Consensus, a recent proposal by Amaury Séchet, Bitcoin’s lead developer. Pre-Consensus is a series of technologies that make it possible to establish standards to determine the characteristics of the next block before it is uploaded to the blockchain. People who are positive about Pre-Consensus believe its implementation would help increase the adoption and functionality of Bitcoin Cash (BCH) and would also promote scalability solutions.
Let's talk about BCH price now. Here are some major technical indicators:
Bitcoin (BTC.X) is trading at $6,407.53, down -4.79% from yesterday, wiping away the gains from the most recent steady recovery. What's driving the bitcoin price down and what's the BTC price forecast?
Looking at the technical analysis for the cryptocurrency, we notice some bearish signals for bitcoin:
What do the experts say? Bill Baruch, Blue Line Futures President, told CNBC bitcoin's "bottoming process can begin" following signs that volatility is depressed. Bitcoin's 30-day volatility is now at 61 percent, and slightly up from its low of 50 percent earlier this month. This volatility is significantly below the annualized volatility seen last year, north of 150 percent.
After bitcoin's volatility has become quite depressed and the cryptocurrency has lost as much as 70 percent from its December peak, it's time for it to find a new bottom.
It's no secret that the bitcoin price is going to remain unpredictable. There are massive spikes and declines, and nothing is preventing $5,000 from being the bottom. Bitcoin challenges for 2018 involve regulation and market maturing; with larger sums, crypto is becoming a grown-up game.
However, one reason for optimism is the amount of crypto-financing in 2018 thus far, which is exponentially larger than the amount spent on financing in 2017.
Over the last 30 days, BTC.X lost -22.54%.
The sharp drop in the price of bitcoin and other virtual currencies is attributed to the hacking of the South Korean cryptocurrency exchange Coinrail, which was compromised over the weekend.
The obvious question is, why did the price of Bitcoin and Ethereum remain relatively more stable than the price of other virtual currencies?
It's important to note that EOS, Tronix and Bitcoin Cash are all more susceptible to panic selling than the mainstream coins.
Coinrail is a relatively minor cryptocurrency exchange in South Korea, and the volume traded on Coinrail will not impact the price of altcoins dramatically. However, when a panic attack hits the market, manipulators are going to be most noticeable in those areas where liquidity is lacking.
Low liquidity is an issue for most altcoins because it allows individual traders to manipulate the price of cryptocurrencies. What follows next is a wave of panic selling from individuals who don't believe in the long-term opportunity for those altcoins, and are looking to curtail losses by liquidating their positions.
The current decline in the price of cryptocurrencies is a move perpetrated by market manipulators who can, for all intents and purposes, drive down the price when it's opportunistic for them.
To follow the price and news about cryptocurrencies, please visit Finstead (and type "BTC.X price" or "BTC.X news" to get the latest scoop and information).
Bitcoin Cash (BCH.X) is trading at $1,149.22, up 1.76% from yesterday. There were some notable developments about Bitcoin Cash in the last few days; nevertheless, the price didn't move dramatically.
What is the price prediction for Bitcoin Cash now? And which events should investors be aware of?
The development efforts on Bitcoin Cash are going strong. Not even a week ago, over a 100 programmers gathered for the ‘BCH Geek’ in Hangzhou, China. The event focused on developers creating BCH-based apps in order to make bitcoin cash available to all users.
On the negative side, a prominent Bitcoin Cash evangelist, as featured on his LinkedIn profile, was accused of stealing a military armored vehicle in Virginia this Tuesday and joyriding it 60 miles before being arrested.
Some speculators believe that a bull run is just around the corner for Bitcoin Cash. Roger Ver, a prominent BCH promoter thinks that the cryptocurrency will get adopted by thousands of Japanese retailers as a payment method.
According to Ver, convenience stores and retailers in Japan will opt to accept Bitcoin cash in the near-term (next 3-6 months). He also points out to the pending partnership with Menufly to accepting BCH as payment for the company's large-scale operations in major cities.
Bitcoin Cash is on an upward trend, although it is fighting off the bear pressure that's starting to show. If the bullish trend continues, this will likely result in a new breakout around $1,200. The bear pressure will likely exacerbate if the price falls below $1,050.
Here are some technical parameters to consider:
Over the last 30 days, BCH.X lost -28.31%, which is:
Bitcoin Cash (BCH.X) price retracted to November 10, 2017 levels. It's also 43% down from its May 5 local peak, and a far cry from its December heights of roughly $3,650.
The much-hyped May 15 fork didn't really create much of a rally. While Bitcoin Cash is focused on becoming an everyday payments network (that Bitcoin is not well-suited for), investors are reacting to this lofty mission with much skepticism.
Why did the hard fork matter for BCH investors?
Let's explain how things work. A hard fork is a software update to a crypto network that results in the creation of an entirely new blockchain network. Anyone who holds any amount of a coin that goes through a hard fork is entitled to receive a corresponding amount of the new coin.
So any cryptocurrency that experiences a hard fork generally tends to see upward price movement in the days and weeks leading up to it.
Now that the fork is water under the bridge, what is the Bitcoin Cash price prediction?
Here are our thoughts. Bitcoin cash price will remain under pressure, given that it declined below the $1,000 support level. Looking at the technical indicators, here are the key things to point out:
Out thoughts? Be cautious, since the momentum doesn't look particularly encouraging.
One of the things that went wrong about BTC.X is the centralization of protocol development. Bitcoin is distributed in many ways, but for quite some time there was only one main core group of developers (a.k.a., Bitcoin Core) on it.
Bitcoin Cash, on the other hand, is completely decentralized (e.g., nodes, wealth and mining pools). There are several independent teams of developers along with multiple full node implementations.
The value proposition for Bitcoin Cash is as strong as ever.
But why is the price going down? What is the Bitcoin Cash price analysis and prediction?
At this point, we think that the cryptocurrency may be forming a bottom, which can take anywhere from a few days to a few weeks. Prices in the $1,000 -$1,200 range should not be a surprise.
The price is likely to remain volatile as the bears and the bulls battle it out to establish their reign. The latest news about the investigation of South Korean exchange Upbit by the country’s Financial Supervisory Commission (FSC) triggered the decline of Bitcoin Cash. Also, negative statements from the likes of Warren Buffet and Bill Gates also influenced retail investors' opinion about cryptocurrencies.
We will see a positive price movement for BCH.X when commercial institutions publish their plans to use the cryptocurrency. Stay on top of the latest developments, and keep checking Finstead for news and price updates (just type "BCH.X news" and "BCH.X" price).