Cryptocurrency Bitcoin Cash (BCH/USD) is trading at 489.00. Quotes of the cryptocurrency are traded above the moving average with a period of 55, which indicates the existence of a bullish trend for Bitcoin Cash. At the moment, the quotes of the cryptocurrency are moving near the middle border of the Bollinger Bands indicator bars. A test of the level of 470.00 is expected, from which one should expect an attempt to continue growth and further development of the upward trend with a target near the level of 550.30.
Bitcoin Cash (BCH/USD) forecast and analysis on September 25, 2018
The conservative buying area is near the lower border of the Bollinger Bands indicator strip at 460.00. The abolition of the option of continuing Bitcoin Cash growth will be the breakdown of the lower border of the Bollinger Bands indicator bands, as well as the moving average with a period of 55 and the closing of the pair quotes below the area of 400.00, indicating a change in the bearish trend for BCH/USD. In the event of breakdown of the upper boundary of the bands of the indicator Bollinger Bands, one should expect an acceleration of growth.
Bitcoin Cash [BCH] Price Analysis: Token shoots up by 12 percent, breaks multiple short-term resistances
Over $10 billion was added to the collective market cap as Bitcoin [BTC] surged past the $3,900-mark, unleashing the bulls. Bitcoin Cash [BCH] rose massively and is now the second-biggest gainer among the top-coins, following EOS, which was buoyed by a Block.one announcement.
Bitcoin Cash has skyrocketed against the US dollar by 12 percent, as the coin is now trading at a whopping price of $146.5. The coin’s market cap is now $2.58 billion, just under $330 million behind Litecoin [LTC] in the fifth spot.
In terms of exchange dominance, LBank takes the top-two spots, in the following trading pairs, BCH/BTC and BCH/USDT, accounting for $111.91 million or 14.53 percent and $70.19 million or 9.11 percent. Taking the third spot is Huobi Global, accounting for $56.57 million or 7.34 percent of the total BCH trading volume.
Bitcoin Cash has seen a massive price surge, as indicated by the recent uptrend on the one-hour chart, which stretches from $120.53 to $143.92, followed by some stabilizing movement.
The coin’s immediate support level of $119.39 has been long-surpassed and a new level will likely be placed at $139.57. Bitcoin Cash has broken its immediate resistance level placed at $121.67 as the coin’s surge began on February 18.
The Bollinger Bands show a massive increase in volatility as the coin’s price has fluctuated rapidly while the Moving Average line shows a downtrend.
The Relative Strength Index shows that the coin has seen a surge in investor interest as the RSI has shot up to 86.32, well into the ‘overbought’ zone, and has since dropped to its current rating of 58.23.
Awesome Oscillator is trading above 0. However, since the closing bars are red, the AO indicates that the bears may look to strike during the eventual market correction.
Three noticeable trends are present in the one-day BCH price chart, the most prominent being the downtrend which has extended from $627.07 to $132.32. Prior to the same, the coin shot up from $440.27 to $624.81.
Bitcoin Cash finds immediate support at $108.59, following a rise from $73.42. The coin has broken its immediate resistance level which was pegged at $131.81 and is now trading 11.2 percent higher than the same.
The Parabolic SAR shows that the coin is trading among the bulls as the dotted lines are below the coin’s candlesticks.
The Chaikin Money Flow tool shows the money inflow has surged following the massive price increase, with the CMF line currently above 0.
The Fisher Transform line shows the coin is trading with bullish momentum as the Fisher Line is above the Trigger Line.
The coin has seen a massive spike in its price, breaking both the long-term and short-term resistance levels, which were formed after a prolonged stabilizing spell. Volatility rose, investor interest surged and the bulls market their presence in the BCH market, even more so than its competitors, as Bitcoin Cash trades with a double-digit increase against the US dollar. However, the signs are not all positive as the AO line shows the bears might strike once the coin treads a correction course.
BCH/USD: Roger Ver to sell his Bitcoin if block size drops
Luke Dashir, a Bitcoin Core Developer, is fronting the idea of decreasing Bitcoin’s block size to 300KB.
Roger Ver reacted by stating his intention to sell off more of his Bitcoin if the block size drops.
Luke Dashir, a Bitcoin Core Developer, recently made a lot of headlines by fronting the idea of decreasing Bitcoin’s block size to 300KB. Dashir tweeted:
“There is never any guarantee. We need to reduce the block size just to have a *realistic hope* of it remaining feasible and *becoming practical again*. The blockchain is *already* bigger than most people are willing to tolerate, and the situation is getting worse and worse.”
Roger Ver, the CEO of Bitcoin.com and noted Bitcoin Cash (BCH) reacted to this by saying:
“I really really hope that Luke Jr. and all these other guys lower the BTC block size to 300 kilobytes if they do I will sell even more of my BTC. A lot more. Maybe, I would even sell all of it at that point. Absolute Insanity.”
Gabriel Cardona, a Bitcoin Cash developer, also disagreed with the block size reduction, saying:
“The crazy mistake of shrinking the blocks, the mistake of, depending on the lighting network as a scaling solution, is that it’s just a poor user experience and there are solutions that are superior. And that’s just a fundamental misunderstanding on a deep level.”
On the contrary, John Carvalho, a believer in block size reduction.said:
“I agree with @LukeDashjr that the block size should be smaller. I feel more confidence to say it now that we have LN making strides. I’ll run the soft fork.”
Flash Hike: EOS surges by 34% while Bitcoin Cash [BCH] registers 14% growth
The rally seen is different from other rallies because it is not being led by Bitcoin, the king of cryptocurrencies, but instead, is being spearheaded by EOS, which is currently sitting at the fourth position on CoinMarketCap.
EOS hiked by a total of 34% in the above-mentioned time frame, jumping to a price of $3.88 from a mere $2.88. The market cap at its peak reached $3.43 billion from $2.5 billion.
From the chart below, it can be seen that there was the formation of a mixture of Dark Cloud Cover pattern and Bearish Engulfing pattern at the top of the rally, which indicates the rally’s loss of strength and a clear reversal of the same.
The price increase percentage is currently at 22.06%, with the price at $3.65 and a market cap at $3.257 billion.
Bitcoin Cash [BCH]
Roger Ver-led Bitcoin Cash was the second-most-pumped coin as it hiked by a maximum of 24.85%. The price of BCH increased from $120 to $150, however, the rally declined momentarily causing the prices to dip. A bearish engulfing pattern can be seen at the current price candle, which indicates the end of the uptrend and the start of a downtrend.
The price of BCH, at press time, was $144.51, with a market cap of $2.587 billion. The volume seen in the chart above confirms that the rally has reached exhaustion.
Considering the top-10 cryptocurrencies, the third-most-pumped coin at press time was Litecoin, which rose by 7.16% at the time of writing. Litecoin started the rally on February 17, 13:00 UTC, when the prices were at $42.12 and the market cap was at $2.646 billion. The rally that followed raised the price to $48.8, which is an increase of 16%.
The current price of Litecoin is $46.99 and the market cap is hovering at $2.884 billion. Litecoin, which was sitting at the fourth position, has now fallen to the fifth spot as EOS led the rally. The volume for Litecoin as seen in the chart above shows a decline in the trend.