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.
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.
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.
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.
A Sad Joke’: Bitcoin Cash’s Lead Coder Quits Bitcoin Unlimited Project
Amaury Séchet, a leading developer of bitcoin cash, is renouncing his membership in one of the projects that paved the way for the controversial cryptocurrency.
He’s sticking with bitcoin cash as lead developer of the code implementation BitcoinABC, but he’s unhappy with the direction of Bitcoin Unlimited, a code implementation that arguably got bitcoin cash off the ground as one of the first code implementations to increase bitcoin’s block size parameter.
All these different “bitcoins” may be hard to keep track of, but it’s important to note that Bitcoin Unlimited remains relevant because it provides an alternative code implementation of bitcoin cash.
Revealed to CoinDesk prior to publication, Séchet wrote a detailed explanation for his departure, posted to Medium Monday, in which he explained he is disappointed with Bitcoin Unlimited’s development process, partly because lingering bugs in the code allowed an unknown developer to crash most Bitcoin Unlimited nodes.
Instead of getting better, he argues Bitcoin Unlimited’s process has since gotten worse:
“The BUIP process has turned into a sad joke, with proposals more and more absurd being voted on. BU leaders are complacent and, while saying that the attitude of the [Bitcoin Satoshi’s Vision (BSV)] community will cost them developer support, they continue to enable the toxic behavior by supporting BSV.”
Stepping back, while Bitcoin Unlimited paved the way, Bitcoin ABC was the first group to actually go through with these promises to increase the blocksize parameter back in 2017. Then sentiments in the community began to strain, partly because Craig Wright, a developer who claims to have created bitcoin (without evidence), joined bitcoin cash’s ranks.
A bit over a year after bitcoin cash launched, Wright went to war with developers, including Séchet, ultimately breaking bitcoin cash into two cryptocurrencies: bitcoin cash and bitcoin SV (BSV).
As this happened, Bitcoin Unlimited released software supporting both cryptocurrencies. But this code split ended up splintering the Bitcoin Unlimited team, with some eagerly supporting BSV. Drama between bitcoin cash and bitcoin SV hasn’t stopped with the fork, however. A few days ago, influential bitcoin cash coder, Antony Zegers, left Bitcoin Unlimited as a member, inspiring Séchet to follow.
“The Bitcoin Cash project seeks to bring more freedom to the world by engaging in voluntary cooperation to build a better form of money. It is important that the Bitcoin Cash community protect itself from people and groups attempting to take advantage of its cooperative nature and undermine the project,” Séchet continued.
“My goal is to make Bitcoin Cash successful. Life is too short, and convenient sound money is a goal too important to be distracted from.”
Bitcoin Cash [BCH] Price Analysis: Bulls sustain momentum as bears go into hiding
The Bitcoin Cash [BCH] rise persisted through the close of the previous week, with market correction forces failing to drag the coin below the $160 mark. After breaking multiple resistance levels, BCH was expecting to close the month on a high.
At press time, the coin had gained against the US dollar by 1.04 percent. The coin was trading at $165.42, with a market cap of $2.94 billion.
P2PB2B took the top spot in terms of global BCH volume, accounting for 8.51 percent via the trading pair BCH/BTC. Other prominent exchanges on the list were ZBG, HitBTC, and Huobi Global.
The one-hour chart pictured a massive uptrend, which pushed the coin’s value from $152.22 to $168.12. Following this rise, the coin dropped to the aforementioned high of $164.16.
Bitcoin Cash found immediate support at $160.51, while the coin’s immediate resistance level stood at $168.36.
The Bollinger Bands showed declining volatility, while the Moving Average line indicated a bullish market.
The Chaikin Money Flow tool pointed to an increase in money inflow into BCH tokens, as the CMF line was above 0.
The Awesome Oscillator showed an insignificant increase in short term momentum, indicating that any bullish activity will be mild.
Despite the overwhelming bearish trend of the one-day chart, the coin’s recent green candlesticks showed positive signs. The February downtrend shaved the coin’s price from $152.66 to $129.83. Following the same, the coin’s price shot up from $128.15 to $158.37, and then to $166.22.
Bitcoin Cash found immediate resistance at $165.75, which the coin was close to breaking. The long-term support stood at $121.78.
The Parabolic SAR indicated a bullish market as the dotted lines were below the coin’s trend line.
The MACD showed bullish tendencies as the signal line surged above the MACD line.
The Relative Strength Index showed an increase in investor interest as the RSI had shot up from 61.30 to a high of 68.36, before falling to 67.21 at press time.
Bitcoin Cash resisted the bears and their market correction forces. In the short term, volatility was low as the coin gained against the US Dollar. In the long term, the coin’s overarching bearish trend was subdued as investor interest rose while the indicators suggested a bullish market for the coin.
Bitcoin Cash (BCH/USD) forecast and analysis on March 25, 2019
Cryptocurrency Bitcoin Cash (BCH/USD) is trading at 163. 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 upper border of the Bollinger Bands indicator.
Bitcoin Cash (BCH/USD) forecast and analysis on March 25, 2019
As part of the Bitcoin Cash forecast, a test of 158 is expected. Where should we expect an attempt to continue the growth of BCH/USD and the further development of the upward trend. The purpose of this movement is the area near the level of 176. The conservative area for buying of Bitcoin Cash is located near the lower border of the Bollinger Bands indicator bands at level 148.
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 143. 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 March 25, 2019suggests a test level of 158. Further growth is expected to continue to the area above the level of 176. The conservative area for buying Bitcoin Cash is located area of 148. Cancellation of the growth option of cryptocurrency will be a breakdown of the level of 143. In this case, we should expect a further fall.