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Bitcoin Cash [BCH] Technical Analysis: Bear feeding on the ravaged coin

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The cryptocurrency market is bleeding for the past few days and many major coins are suffering the wrath of the bear. Bitcoin Cash [BCH] has fallen massively after observing tremendous growth and moving to the fourth position on the CoinMarketCap.

At the time of press, BCH was valued at $132, with a market cap of $2 billion. The 24-hour trade volume of the coin was registered to be $260 million with a fall of 17.32% over seven days. The coin slipped by 5.23% in the past 24 hours and is still seen to fall by 1.03% over the past hour.

1-hour

Source: Trading View

Source: Trading View

According to Trading View, BCH reported a downtrend from $156.47 to $131.47, which extended further to $129.27. The coin did not register a significant uptrend. The coin’s growth is restricted at $162.26 while support was provided at $127.46.

Awesome Oscillator indicates a bullish market losing momentum.

Chaikin Money Flow indicates a bullish market as the marker is above zero.

Bollinger Bands are at a converging point, indicating a decreased volatility in the market. The moving average line was above the candlesticks marking a bearish market.

1-day

Source: Trading View

Source: Trading View

The one-day chart of Bitcoin Cash indicates an enormous fall from $772.74 to $566.10, which further extends from $627.54 to $155.80. The coin registered a significant uptrend from $156.10 to $178.40 in the one day chart. The coin met with resistance at $196.55 while the support goes as low as $76.19.

Parabolic SAR marks a bearish market with markers aligning above the candlesticks.

MACD line is under the signal line pointing towards a bearish market right after a recent crossover.

Relative Strength Index indicates that the buying and selling pressures are evening each other out.

Conclusion

As per the one-hour chart, Bollinger Bands, Parabolic SAR, and MACD indicate a bearish market. However, Awesome Oscillator and Chaikin Money Flow predict a bullish trend. Going by the majority, the market forecasted is a bearish one.

Source. ambcrypto

Bitcoin Cash

Bitcoin Cash technical analysis: BCH/USD is currently trending in a downwards channel formation

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  • BCH/USD is currently trading around $308 in the early hours of Saturday.
  • The relative strength index (RSI) indicator is trending around 39, right next to the oversold zone.

BCH/USD daily chart

fxsoriginal

BCH/USD went down from $315.15 to $307.50 this Friday as bears took control of the market following two straight bullish days. BCH/USD managed to have a bullish start to the day as the price has gone up to $308. The daily price is trending below the 50-day simple moving average (SMA 50) and SMA 20 curves while it is above the SMA 200 curve. The relative strength index (RSI) indicator is trending around 39, right next to the oversold zone.

BCH/USD 4-hour chart

fxsoriginal

The 4-hour BCH/USD market is trending below the green Ichimoku cloud. The market sentiment will soon turn bearish as per the Ichimoku cloud. The 4-hour price chart sees significant resistance at $315.75 and finds support at $301.85. The moving average convergence/divergence (MACD) indicator shows sustained bullish momentum.

BCH/USD hourly chart

fxsoriginal

The hourly price chart is trending in the upper half of the 20-day Bollinger band and below the SMA 200 curve. The narrowing of the Bollinger jaw indicates decreasing market volatility. The Elliot oscillator shows six straight bullish sessions of increasing intensity.

Key Levels

BCH/USD

OVERVIEW
Today last price307.7915
Today Daily Change-0.4232
Today Daily Change %-0.14
Today daily open308.2147
TRENDS
Daily SMA20366.0228
Daily SMA50400.8681
Daily SMA100364.903
Daily SMA200257.6861
LEVELS
Previous Daily High316.1083
Previous Daily Low295.5295
Previous Weekly High345.941
Previous Weekly Low255.06
Previous Monthly High516.9074
Previous Monthly Low362.9877
Daily Fibonacci 38.2%303.3906
Daily Fibonacci 61.8%308.2472
Daily Pivot Point S1297.1267
Daily Pivot Point S2286.0387
Daily Pivot Point S3276.5479
Daily Pivot Point R1317.7056
Daily Pivot Point R2327.1964
Daily Pivot Point R3338.2844

source:.fxstreet

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Bitcoin Cash (BCH/USD) forecast and analysis on July 20, 2019

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Cryptocurrency Bitcoin Cash (BCH/USD) is trading at 312. 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 upper border of the Bollinger Bands indicator.

Bitcoin Cash (BCH/USD) forecast and analysis on July 20, 2019

As part of the Bitcoin Cash forecast, a test of the level 328 is expected. Where should we expect an attempt to continue the fall of BCH/USD and further development of the downward trend. The purpose of this movement is the area near the level of 246. The conservative area for sales of Bitcoin Cash is located near the upper border of the Bollinger Bands indicator strip at the level of 330.

Bitcoin Cash (BCH/USD) forecast and analysis on July 20, 2019

Cancellation of the option to continue the decline in Bitcoin Cash will be the breakdown of the upper border of the Bollinger Bands indicator. As well as the moving average with a period of 55 and closing of quotations of the pair above the area of ​​340. This will indicate a change in the current trend in favor of the bullish for BCH/USD. In case 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 July 20, 2019implies a test level of 328. Further, it is expected to continue falling to the area below the level of 246. The conservative area for selling Bitcoin Cash is located area of 330. Canceling the option of falling cryptocurrency will be a breakdown of the level of 340. In this case, we can expect continuation growth.

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Bitcoin Cash Milestones: Delivered Code, Upgrades and Platform Development

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Bitcoin Cash (BCH) platform and protocol development have seen a lot of delivered code and projects over the last two years. The upgrades will help Bitcoin Cash scale to the masses, and many of the added features are protocol developments that are unique to BCH.

Also read: Indian Government Breaks Silence on Crypto Regulation

BCH Infrastructure and Blockchain Development

In less than two weeks, BCH fans around the world will be celebrating the anniversary of the blockchain split that occurred on August 1, 2017. Since then there’s been a lot of Bitcoin Cash development and a total of four BCH upgrades. In the following report, news.Bitcoin.com summarizes a list of completed BCH developments that reveal how much has been accomplished in two years. All of the completed BCH features can be seen on the analytics website Coin Dance, alongside other developments in the works. BCH developers also have plans to upgrade the chain this November and the specifications in regard to the consensus rule changes are being reviewed before the feature freeze on August 15, 2019.

Bitcoin Cash Milestones: Delivered Code, Upgrades and Platform Development
A statement about Bitcoin Cash according to Ethereum cofounder Vitalik Buterin’s recent interview with the publication Coinspice.io.

Re-enabled Satoshi Opcodes

Back in the early days of Bitcoin, Satoshi Nakamoto added operation codes to the protocol that could push data or perform certain functions via the Bitcoin Script language. Not long after, the opcodes were disabled after developers found a bug in a specific opcode called OP_LShift. In May 2018, Bitcoin Cash developers re-enabled the Satoshi operation codes (opcodes) that can allow for a variety of decision-based transactions, compilers, and other functions depending on the opcode used.

Bitcoin Cash Milestones: Delivered Code, Upgrades and Platform Development
A long list of Bitcoin opcodes.

OP_Checkdatasig Implementation

The opcode OP_Checkdatasig is a Script operation that checks the validity of a signature using a message and public key. Essentially the operation calculates the hash within a transaction in order to validate signatures in an automated way. OP_Checkdatasig allows for data to be imported that can be validated through the use of an oracle. The opcode has facilitated some very cool concepts like a noncustodial escrow system, an onchain SLP token auction console, a BCH recurring payment system, an endowment platform, and an onchain game of chess.

Bitcoin Cash Milestones: Delivered Code, Upgrades and Platform Development

32MB Block Size Increase

The Bitcoin Cash chain implemented a 32MB block size increase in May 2018. The BCH block size is a lot larger than BTC’s 1MB limit and 4X larger than the 8MB size BCH started out with two years ago. 32MB blocks are not processed yet, but large blocks were tested on the BCH mainnet in September 2018 during the stress tests. During the first week of that month, BCH miners processed a few 15MB blocks and the largest was 23MB that week. However, prior to the blockchain split which created Bitcoin SV the mining pool, BMG processed multiple 32MB blocks on November 10, 2018.

Bitcoin Cash Milestones: Delivered Code, Upgrades and Platform Development

Graphene Version 1

On July 25, 2018, the Bitcoin Unlimited (BU) development team announced merging Graphene version 1 into the BU client. Graphene is a block propagation concept that aims to be 10X more efficient than compact blocks. The code merge provides the first functional implementation of graphene blocks according to BU’s George Bissias who also stated that the “code will also require further optimization.” In the past, developers have mentioned that Graphene blocks could be optimized with a different transaction ordering process like canonical ordering.

Bitcoin Cash Milestones: Delivered Code, Upgrades and Platform Development

Canonical Transaction Ordering

Prior to the implementation of Canonical Transaction Ordering or CTOR, consensus rules processed transactions in a list form and the list was topologically sorted. After the November 15, 2018 upgrade, the BCH chain can now work with blocks as a set, as opposed to a list ordering, and the process is done in a canonical fashion. As mentioned above, according to some, Graphene can leverage CTOR when it comes to concepts like Graphene compression rates. By itself, developers believe CTOR is important for the future of BCH scaling in order to alleviate computational load and allow for giant-sized blocks.

Bitcoin Cash Milestones: Delivered Code, Upgrades and Platform Development
The CTOR whitepaper.

Schnorr Signatures

At block 582680, the BCH chain upgraded by adding Schnorr signatures, a signature scheme invented by Claus Schnorr. The recent Schnorr addition acts as the foundation for a variety of different techniques that can improve scaling and privacy. The day before Schnorr was implemented on BCH, independent developer Mark Lundeberg told news.Bitcoin.com that the Schnorr foundations could remove 4% of the current transaction storage. Lundeberg also detailed that in the future after further Schnorr upgrades, the scheme could provide for public signature aggregation and more complex sign-to-contract concepts.

Bitcoin Cash Milestones: Delivered Code, Upgrades and Platform Development

A Number of Accomplishments Worth Celebrating

This is just the tip of the mountain when it comes to BCH platform and protocol development. Other notable developments include Cash-ID, an open protocol that allows secure authentication; Hash-DB, a database written by Flowee specifically for the Bitcoin Cash UTXO set; Cashshuffle, a stable mixing application release that helps preserve an individual’s transaction privacy when using the BCH network; Neutrino, a lightweight SPV wallet that uses BCHD and allows client-side filtering. Cashshuffle participants have already shuffled more than 100,000 BCH since March 27. Then there’s the Simple Ledger Protocol (SLP) which has boosted the concept of tokenization solutions using the BCH chain. SLP infrastructure is growing as various wallets like Crescent Cash, Badger, Ifwallet, and the social media platform Memo.cash all support SLP tokens. Moreover, developers have produced other features like X-Versionmessage, Cash Accounts, Cleanstack and the Segwit recovery option alongside other protocol developments.

Bitcoin Cash Milestones: Delivered Code, Upgrades and Platform Development

Bitcoin Cash developers are also working on features for the upcoming November 2019 BCH upgrade. The draft specification summary for the next set of implementations include various protocol enhancements like enabling Schnorr signatures for OP_Checkmultisig(Verify), a minimal push and minimal number encoding rules in Script, enabling NULLDUMMY and the rule that limits signature operations in Script will be changed.

Bitcoin Cash Milestones: Delivered Code, Upgrades and Platform Development

On July 11, during the 12th Bitcoin Cash Development video meeting, programmers explained that people can review the code and consensus ruleset changes before developers enact the feature freeze on August 15, 2019. There are also other developments under discussion like Avalanche, Merklix Trees, Blocktorrent, and projects still being worked on like Cashscript, Cashfusion, Spedn, and Xthinner.

Bitcoin Cash Milestones: Delivered Code, Upgrades and Platform Development
Tokenization on the BCH chain has been very popular using SLP.

Additionally, in May, a group of BCH supporting businesses and individuals initiated a fundraiser to help bolster the future of open source Bitcoin Cash development. BCH proponents can visit the Bitcoin.com/fundraise page to donate to BCH projects like Bitcoin ABC, Unlimited, BCHD, Bcash, Verde, Flowee, and Bitprim.

Bitcoin Cash Milestones: Delivered Code, Upgrades and Platform Development

The fundraiser aims to raise 1,600 BCH by August 1 and there are still 12 days left to go. At that time, Bitcoin Cash fans will be celebrating the large number of accomplishments the protocol has achieved in the last two years. BCH supporters will surely be tipping their hats to platform and protocol developers who have contributed an enormous amount of time, energy, and innovative concepts to the BCH chain.

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