Technical

(Despite the Upcoming Hard Fork and Historic Block Size increase, Bitcoin Cash Slide Continues) Bitcoin Cash (BCH) Technical Analysis: May 12, 2018

Dalmas Ngetich | May 12, 2018 | 6:50 am
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Technical

(Despite the Upcoming Hard Fork and Historic Block Size increase, Bitcoin Cash Slide Continues) Bitcoin Cash (BCH) Technical Analysis: May 12, 2018

Dalmas Ngetich | May 12, 2018 | 6:50 am

Undoubtedly, the crypto market is fighting from an on-slaughter. Bears are baying for blood! Despite their May 15 hard fork, Bitcoin Cash isn’t finding any reprieve and so far it is down 20 percent week over week. In the last 24 hours alone, price erosion exceeds 15 percent. It might be a correction yes, but at the moment it a beautiful Picasso showing how Bitcoin Cash sellers are marauding, staking any attempts of bull pressure.

From the News

Roger Ver, the Crypto evangelist many Bitcoin Core supporters love to hate won’t stop pitching his beloved coin. He still insists that it’s a better currency and therefore a better store of value that Bitcoin Core. Now, if you have been tracking this guy for sometimes then you will realize that this is the umpteenth time he his saying so. Will repetition come to pass someday? Well, maybe, maybe not. What we know for sure is that Bitcoin Cash shall be forking once more.

However, this time since it shall be done at MTP time, there is no need to track block height. We anticipate this upgrade to take place on Tuesday, May 15 and there, the block size would be hiked to 32 MB from 8MB making it that largest ever block size increment in the world. Besides, their protocol data carrier sizes shall be increased to 220 bytes.

If you are a Bitcoin Cash full node or miner, please update, if not then you better stay on the side line and watch. Before the fork begins, full nodes should upgrade their clients to the 32 MB supporting Bitcoin ABC 0.17.1 version.

So, while speculations are rife that this upgrade shall increase Bitcoin Cash transaction throughput and fees, will this boost prices after the fork? Or, will it even be successful in the first place regardless of Bitcoin Cash staunch following in Korea and Japan? Let’s wait and see!

Bitcoin Cash (BCHUSD) Technical Analysis

Weekly Chart

Unless a miracle happen, Bitcoin Cash shall end up with a conspicuous double bar bear reversal pattern right at the middle BB, a resistance line. That’s a fact! So, despite that stochastic buy signal turning from deep the oversold territory, the general sentiment is bearish.

Bitcoin Cash prices are down 18 percent in the last 24 hours and 20 percent in the last 7 days effectively reversing week ending May 7 gains. At this rate, we shall be aiming for take profit targets at $1000 and $800. Many didn’t expect this to happen and advised by this, we shall be looking for sells in lower time frames.

Daily Chart

Like the weekly chart, the depreciation is real but not as wholesome. Bears are stepping on the gas and the result has been that clear break below the middle BB. Inevitably, this means sellers are in charge and it means we shall be trading a bearish break out pattern.

So, building on to the bearish engulfing pattern we are seeing in the weekly chart, immediate targets is at $1200, there we might see a reaction and a bounce back to $1400 or so before bears resume their pressure with targets we mentioned earlier.

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  • Flaim

    There is only BitCoin, there is no bitcoin core.
    If you want to sound retarded and say bitcoin core, you also need to say bitcoin cash core.
    Is this supposed to be a news outlet? Get your information correct so you don’t keep confusing the new people.

  • wolfystrade

    BTC = Bitcoin Core : )

    • Justin Vance

      idiot

  • Sail86

    Stop fussing people with this BTC Core crap. Its Bitcoin.

  • John

    Roger, please buy bitcoin-cash .com, I’m willing to negotiate the price.

  • Spineless

    Dalmas,
    if you haven’t noticed, the entire crypto market including really ‘Spineless’ projects are ‘dropping Like a Stone’.

    Readers beware, the entire market is/was in the red at time of writing this analysis – BTC down 20% to $8200 only days after testing $10k.

    Such a spineless article

    • Dalmazio

      Agreed. Seems my original comment was censored. I’ll try posting again.

  • Courtney siogh

    Well I found this article on Trading view, I’m a trader and the title was extremely unprofessional. BCH is the best performing coin so far since we hit the bottom in April, and it is testing 50% Fibo retracement which is perfectly normal. The only spineless coin is btc, had btc performed anywhere close to bch it would be around 11-12k right now. Even without delving into inflammatory technical details (whereby one would deduce that bitcoin cash is actually bitcoin), one could still be able to post unbiased technical analysis. It seems like crypto pubs are extremely manipulated and biased in favor of pseudo coins with no real life utility just because their writers/owners hold them. Reporting you to Google for being a scam site, newsbtc.

    • Dalmazio

      Agreed. responded very similarly to your response above, and had my message censored. They won’t let me post my view. I think I was the first commenter though, so maybe that has something to do with it.

  • charlie

    You don’t know what you are talking about. Perhaps you should find a different job. I can’t believe this article futured on tradeview.Shame! Watch BCH move next few days. It will make you dizzy. You will need a large screen to follow long green lines as well.

  • Lilian Turin

    What a ridiculous analysis, seriously… clearly the author is not a BCH fan, and in fact, despite his bearish-crystal-ball-like predictions market at 13:59 turned positive with BCH gaining 9%

  • MaxHeadroom

    “Bitcoin” Cash is the worst altcoin of them all. Created by a centralized mining cartel, shilled for by a fraud (Craig Wright) and a madman (Roger Ver), violating open source principles and the MIT license, patent trolling, confusing new users by abusing the Twitter handle @bitcoin and the website bitcoin dot com. I would not touch BCH with a 10 foot pole. This website should not fall for the propaganda tricks of Roger Ver. There is only one Bitcoin (BTC).

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