- Bitcoin SV retreats to the 6thposition as Tether (USDT) claims the 5th position.
- United American Corporation is suing Bitmain, Bitcoin.com, Roger Ver as well as Kraken for malpractices in the BCH network.
Bitcoin SV, one of the original Bitcoin Cash chain off springs surged more than 30% following the negative publicity surrounding Bitmain and the leader of Bitcoin Cash (BCH) Roger Ver. The asset increased significantly in terms of both its price and market capitalization briefly sitting in the 5thposition. Bitcoin Cash has been displaced into the 7th position. However, BSV has retreated a step back into the 6th position giving way for Tether (USDT) to become the 5thlargest asset in the market.
Cointelegraph reported on December 7th that an American based company, UnitedCorp also known as United American Corporation is suing Bitmain, Bitcoin.com, Roger Ver as well as Kraken. The news of the case filing was released via a press released send to leading news outlets and states that the accused parties had planes for a hostile takeover of the Bitcoin Cash (BCH) network.
The case was filed in a United States District Court located in the United District of Florida. The defendants have been accused of employing uncouth methods that were leading to the manipulation of the Bitcoin Cash network. The filled case explains that the parties were doing so in order to benefit directly at the expense of UnitedCorp and other Bitcoin Cash Stakeholders. The press release states that:
“UnitedCorp believes that the defendants colluded to effectively hijack the Bitcoin Cash network after the November 15, 2018 scheduled software update with the intent of centralizing the network — all in violation of the accepted standards and protocols associated with Bitcoin since its inception.”
Bitcoin Cash network went through a gruesome hard fork that saw the community split into two camps with the chain also splitting into Bitcoin SV and Bitcoin ABC (BCH). The filed case further states that the above mentioned defendants resulted to “renting hashing” power in order to control the network moments following the upgrade. The situation meant that the community had to accept Bitcoin ABC rules and guidelines as opposed to the democratic rules that had been set.
The law suit wants an injunctive relief ruled against the named defendants. In addition, the defendants must stop the malpractices in the network not only at moment but also in the future. The company is also asking for compensation, the value of which would be set at the trial phase of the case.
Bitcoin Cash (BCH/USD) forecast and analysis on February 15, 2019
Cryptocurrency Bitcoin Cash (BCH/USD) is trading at 121. Cryptocurrency quotes are trading above the moving average with a period of 55. This indicates a bullish trend on Bitcoin Cash. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator.
Bitcoin Cash (BCH/USD) forecast and analysis on February 15, 2019
As part of the Bitcoin Cash forecast, a test of level 118 is expected. Where should we expect an attempt to continue the growth of BCH/USD and further development of the upward trend. The purpose of this movement is the area near the level of 130. The conservative area for Bitcoin Cash buying is located near the lower border of the Bollinger Bands indicator strip at level 117.
Cancellation of the option to continue the growth rate of Bitcoin Cash will be a breakdown of the lower 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 below the area of 115. This will indicate a change in the current trend in favor of a bearish for BCH/USD. In case of a breakdown of the upper 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 February 15, 2019 implies a test level of 118. Further growth is expected to continue to the area above the level of 130. The conservative area for buying Bitcoin Cash is located area of 117. Cancellation of the growth option of cryptocurrency will be a breakdown of the level of 115. In this case, we should expect a further fall.
Bitcoin Cash [BCH] Price Analysis: Bears return as token’s sustained high subsides
Bitcoin Cash has currently edged down the US dollar by 1.1 percent, with the coin now trading at $122.91 and posing a market cap of $2.16 billion, nearly $350 million behind Litecoin in fifth.
In terms of exchange dominance, the top-three spots are taken by the exchange P2PB2B, in the trading pairs, BCH/USD, BCH/ETH, and BCH/BTC, accounting for the following BCH volumes, $15.23 million, or 7.17 percent, $14.53 million, or 6.84 percent and $14.23 million, or 6.7 percent.
In terms of the short-term one-hour chart, Bitcoin Cash was pushed up significantly at the close of the previous week from $115.78 to $129.22, following which the coin suffered a downtrend from $125.98 to $$121.64.
Bitcoin Cash finds immediate support at $118.41, which the coin was pushed close to on 12 February. The immediate resistance of the coin stands at $126.02 which the coin touched at the beginning of the week.
The Bollinger Bands point to a decline in the volatility of the coin as the Moving Average line points to a mild bearish swing for the coin.
The Chaikin Money flow tool points to an outflow in the money investors are pumping into Bitcoin Cash, as the CMF line is below 0.
The Fisher Transform line shows that the coin is in a bearish trading zone as the Fisher line has been overtaken by the Trigger line.
The Bitcoin Cash one-day chart points to an overwhelming bearish trend for the coin, post the hardfork, which some late stable movement. The coin has been trading on the back of a downtrend, extending from $635.38 to $130.14. Within and prior to the downtrend, the coin shot up, firstly from $449.05 to $628.22 and the second from $90.72 to $197.02.
In terms of the immediate support level for BCH in the one-day chart, the same stands at $108.64 and the immediate resistance level stands at $127.75.
The Parabolic SAR has switched from favoring the bulls to the bears as the dotted lines are now aligned above the coin’s trend line.
The Relative Strength Index points to a fairly decreasing trend of investor sentiments, as the RSI has dipped from 53.49 to the press time valuation of 46.17.
The MACD line shows that the coin is in a bearish zone since mid-November. The coin has since come close to breaking into the bullish zone with its most notable effort coming in early-January.
Bitcoin Cash was pushed up significantly last week, owing to the collective market bulls and has managed to sustain that high, until now. In the short-term, major indicators point to a slip for the coin, indicating bearish waves. In the long term, Bitcoin Cash is pushing the stabilizing boundaries, but recent long-term indicators primarily the Parabolic SAR and the MACD line show a bearish switch in the coin’s market, sparking some concern.
Roger Ver lashes out at “censored” Bitcoin
Roger Ver, the CEO of Bitcoin.com, launched a Twitter tirade against Bitcoin (BTC) calling it “censored.”
Earlier on Wednesday, February 6th, Ver had shared an article which detailed all the alleged cases of censorship in r/Bitcoin.
Roger Ver, the CEO of Bitcoin.com, and one of the biggest proponents of Bitcoin Cash (BCH) launched a Twitter tirade against Bitcoin. The man who is also known as “Bitcoin Jesus”, tweeted the following:
“If you enjoy censorship and having dissenting voices silenced, then BTC is the right crypto for you. If you enjoy liberty, financial sovereignty, and open discussions, then Bitcoin Cash or just about anything other than BTC is the right crypto for you.”
Earlier, on Wednesday, February 6th, Ver had tweeted out an article titled “A (brief and incomplete) history of censorship in /r/Bitcoin” which cautioned readers to “not use the censored /r/bitcoin or Bitcointalk. Use /r/btc instead.”
In the article, the author going by the pseudonym of “John Blocke” highlighted several Reddit posts since 2015 which, according to him, were examples of censorship within the BTC community.
His tweet has not been received well by the community. Some of the replies to his tweet are:
“It’s sad because he could have been one of the strongest voices for Bitcoin. Instead he choose this divisive ego driven path where he attempts to insist he made the reeeeaaal bitcoin.roger doesn’t see the problem force feeding his alt and naming it bitcoin.”
“You’re associating a trustless, secure, and decentralized currency (BTC) with the mass opinion that your view point is incorrect. BTC is not censoring you. People who support BTC are censoring you. These are different things yet you group them together in order to support BCH.”
“I genuinely appreciate hearing your alternate (or, different than my own) perspectives on the cryptospace… but I think this one is a bit of an emotionally driven reach, Roger.”