Cryptocurrency Bitcoin Cash (BCH/USD) is trading at 125. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bearish trend on Bitcoin Cash. At the moment, cryptocurrency quotes are moving near the lower border of the Bollinger Bands indicator bands.
Bitcoin Cash (BCH/USD) forecast and analysis on December 7, 2018
As part of the Bitcoin Cash forecast, a test of the level of 150 is expected. Where should we expect an attempt to continue the fall of BCH/USD and the further development of the downward trend. The purpose of this movement is the area near the level of 75. The conservative area for sales of Bitcoin Cash is located near the upper border of the Bollinger Bands indicator at the level of 175.
Cancellation of the option to continue the decline in Bitcoin Cash will be the breakdown of the upper border of the Bollinger Bands indicator bands. As well as the moving average with a period of 55 and closing of quotations of the pair above the area of 200. This will indicate a change in the current trend in favor of the bullish on BCH/USD. In the event of a breakdown of the lower border of the Bollinger Bands indicator bands, one should expect an acceleration of the fall of the cryptocurrency.
Bitcoin Cash (BCH/USD) forecast and analysis on December 7, 2018 implies a test level of 150. Further, it is expected to continue falling to the area below 75. The conservative area for selling Bitcoin Cash is located area of 175. The cancellation of the option of falling cryptocurrency will be a breakdown of the level of 200. In this case, you should expect continued growth.
Bitcoin Cash’s hashrate comes close to being controlled by one mining pool
While Bitcoin Cash may have fended off the hacker who exploited a bug during the upgrade process, BCH is once again in the news, this time because it’s hash rate is dangerously close to being controlled by one mining pool.
According to a Reddit post, Bitcoin Cash’s hash rate came very close to being dominated by one mining pool, BTC.top. At the time the post appeared on Reddit, BTC.top controlled 53.47% of the hashrate.
Given that the mining pool controlled the majority of the hashrate, it would have given BTC.yop the power to double spend all Bitcoin Cash, halt transactions as well as successfully launch a 51% attack against the network.
However, at the time of writing, BTC.top’s control has been steadily decreasing, currently at 40.28%, still making up a bigger portion than any other mining pool. Worrying considering the decentralized nature inherent with cryptocurrencies.
As AMBCrypto reports, this isn’t the first time BTC.top has dominated BCH’s hashrate. On January 3, 2019, the same mining pool controlled 50.2% of the total hashrate for Bitcoin Cash. Additionally, the China-based private entity mined about seven consecutive blocks earlier today, presenting a major problem of BTC.top decided to use that hashrate.
Bitcoin Cash leads altcoin pump, up 11%; Is altseason still on the cards?
Sometimes a correlation to Bitcoin isn’t an entirely bad thing, and altcoins are proving this today. One such heavily correlated alt – Bitcoin cash (BCH) – is determinedly leading the entire market with an impressive 13% gain. So, is altseason still on the cards?
Bitcoin (BTC) is still revealing in its overnight gains, only just dipping its head below $8k, currently ebbing around that level at a price of $7945, still up +9.43% in 24 hours.
The rest of the top ten is also citing some impressive gains today with increases of more than 6% (almost) across the board:
Cryptocurrency market overview provided by Tradingview
Meanwhile head and shoulders above the rest, BCH is proving that strong correlation with Bitcoin by posting at 11.70 % increase on the 24-hour charts.
BCH/USD Chart provided by Tradingview
What’s next for altcoins?
One analyst, known as Crypto Michael suggested that Bitcoin needs to stabilize or find a floor before altcoins can pump effectively:
The better $BTC stabilizes / find a floor, the harder altcoins will pump.
— Crypto Michaël (@CryptoMichNL) May 19, 2019
Another crypto personality known as Satoshi Flipper, seemed to agree, suggesting that BTC “finding a range” will allow Altcoins to increase; adding that a true altseason could be discovered in June:
Full on degen #altseason still on track for June.
Next few weeks, as $BTC finds a range, we'll continue to see the popular alts bounce back 1st.
In June, ALL alts across the board will bounce back hard.
More disbelief on its way 😉
— Satoshi Flipper (@SatoshiFlipper) May 19, 2019
Similarly, a trader known as The Cryptomist posited that as long as Bitcoin’s current position within a bull pennant holds, alts could fly as a result of Bitcoin’s continued sideways movement.
Flagged form on 4hr timeframe
I expect this to be broken by the end of the month, so approx 29th May
Support low as 7.2, resistance high as 8080 regions.
If btc stays within this pennant until the end of the month, then I expect ……
ALTS TO MAKE A RUN! 😊 pic.twitter.com/sSydnkzgim
— The Cryptomist (@TheCryptomist) May 19, 2019
Looking at the father of altcoins, The Cryptomist also suggests that Ethereum (ETH) is showing signs of a similar bullish formation. Relaying that ETH could be looking at a breakout which may prompt the wider altcoin arena to do the same.
Bitcoin Cash [BCH]: First multisig transaction on BCH network is a donation to Free Ross Ulbricht campaign
Free Ross Ulbricht campaign gained significant momentum lately, owing to the sheer number of crypto luminaries coming out in support of the Silk Road creator. The collective crypto community, including prominent faces like the Bitcoin.com CEO and BCH coin proponent Roger Ver, criticized the draconian double life plus 40 years sentence to Ulbricht.
At press time, 166,288 individuals had signed the petition which sought justice for the former website developer. According to the campaign website, Ulbricht has served 2,056 days in prison till date.
In a recent development, the first-ever multisig transaction executed was a donation to the campaign to free Ulbricht. The three signers of the multi-signature on the Bitcoin Cash network were reportedly made by three individuals – Mark Lundebrug, Chris Pacia, and a Twitter user checksum0.
A total sum of $35.97 was donated to the convicted Silk Road founder’s campaign. One of the users who executed the transaction tweeted,
— checksum0 (@checksum0) May 19, 2019
The high profile multisig feature was reportedly implemented by Bitcoin Cash network on May 15. The digital signature scheme had been patented by its creator Claus Schnorr till 2008. The foremost privacy update, Schnorr signatures aim to minimize tracing and tracking cryptocurrency movements and dealings.