Close alert Thanks for following this author! At the start of each trading session, you will receive an email with the author’s new posts. Close alert You won’t receive any more email notifications from this author. | 0 minutes ago Bitcoin Cash price analysis: BTC/USD up 2.98% on the day; the much-awaited hard fork has finally come Follow Following Bitcoin Cash hard fork is set to increase the maximum block size from 8MB to 32 MB. Netherlands BL3P exchange drops BCH, gives the hard fork as the why. Bitcoin Cash Immediate support is at $1,400, it will also be supported at $1,350 and $1,300.
Bitcoin Cash price is exchanging hands above $1,400 but the intraday cap is below $1,450.
Moreover, it is up 2.
98% on the day while it is facing immediate resistance from the 50 SMA on the 1-hour timeframe chart. The price spiked last month on the news that Bitcoin Cash will finally be hard forked to bring several software upgrades to the network.
The hard fork execution is scheduled to take place at $16:00:00 UTC and if everything goes according to plan, the functionality of the network should get a boost. Well, this hard fork is different from other common hard forks where holders of a coin keep the old coins plus get the same amount of coins in form of a new token. Bitcoin Cash hard fork will not bring forth a new cryptocurrency, the coins will not be used on a new BCH blockchain without any hitches. However, the users operating Bitcoin Cash network nodes are required to upgrade to the latest software, ABC 0.
17.1.
The network will increase the maximum block size from 8 MB to 32 MB among other upgrades.
Bitcoin price is not surging in price at the moment, an activity common when a crypto is hard forked. Instead, BCH/USD has been trimming gains and has been hit hard by the decision of the leading cryptocurrency exchange in the Netherlands, BL3P to drop the coin from its platform. The exchange wrote:
“Since there already was a planning for the removal of Bitcash the hard fork has become a reason and strict deadline for the removal of Bitcash from BL3P,”
Bitcoin Cash price analysis
Bitcoin Cash is trading within a forming falling wedge pattern as observed on the chart. The price is testing the support at $1,400, besides there is a growing bearish momentum around this level which could break into the $1,300 range in the near-term.
Significantly, the MACD is slightly in the negative region while the RSI in pointing south below the 50 mark. A short-term support has been formed at $1,400, but net next support areas are at $1,350 and $1,300 respectively.
BCH/USD 1-hour chart
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