BitcoinCash

Technical Analysis of Bitcoin Cash

The beginning of May has been very positive for the cryptocurrency market so far, the price of Bitcoin is very close to $8 000 and this is certainly a positive thing for all other cryptos. Bitcoin Cash is one of the best performers on the cryptocurrency market in the last several days, in less than five days the price of Bitcoin Cash has advanced from $270 above $400 and the current price stands around $394. According to some estimates, Bitcoin Cash will not be able to replace Bitcoin and many skeptics believe it may not survive in the long-term. This is a highly speculative cryptocurrency and still very risky, I also think that there are lots of other cryptocurrencies with bigger potential and with less risk. When we look at the 1-year chart we can see that Bitcoin Cash is moving in “downtrend”. As long Bitcoin Cash is below $1 000 this cryptocurrency is in the “SELL” zone. Short term support and resistance levels are $350 and $450 – If the Bitcoin Cash jumps above $500 that would be a “BUY” signal and the open way to $550 and $600. If the Bitcoin Cash jumps above  $1 000 that could be a strong signal of the trend reversal and the open way to $1 500. On the other side, if the BTH falls below $350 that will be a “SELL” signal and the next target could be around $300.

Advice: Bitcoin Cash aims to take Bitcoin in a new direction geared towards faster transaction speeds and lower fees. This is a highly speculative cryptocurrency and still very risky, I also think that there are lots of other cryptocurrencies with bigger potential and with less risk. As for the technical picture, the Bitcoin Cash still remains in bearish phase but if the price advances above $500, short-term traders can enter the position with the stop loss at $480 and take profit at $570 or even $600.
 

Technical Analysis of Bitcoin Cash

Bitcoin Cash is one of the best performers on the cryptocurrency market in the last several weeks, in less than 30 days the price of Bitcoin Cash has advanced from $125 above $350. The beginning of April has been very positive for the cryptocurrency market so far, the price of Bitcoin is above $5000 and this is certainly a positive thing for all other cryptos. In an effort to improve the efficiency of transactions, Bitcoin Cash broke off from the original bitcoin network on 1 August 2017. Bitcoin Cash aims to take Bitcoin in a new direction geared towards faster transaction speeds and lower fees. This is a highly speculative cryptocurrency and still very risky, I also think that there are lots of other cryptocurrencies with bigger potential and with less risk. When we look at the 1-year chart we can see that Bitcoin Cash is moving in “downtrend” and as long Bitcoin Cash is below $1 000 this cryptocurrency is in the “SELL” zone. Short term support and resistance levels are $200 and $350 – If the Bitcoin Cash jumps above $400 that would be a “BUY” signal and the open way to $450 and $500. If the Bitcoin Cash jumps above  $1 000 that could be a strong signal of the trend reversal and the open way to $1 500. On the other side, if the BTH falls below $200 that will be a signal “SELL” signal and the next target could be around $150.

Advice: The beginning of April has been very positive for the cryptocurrency market and the price of Bitcoin Cash currently stands around $300. According to some estimates, Bitcoin Cash will not be able to replace Bitcoin and many skeptics believe it may not survive in the long-term. This is a highly speculative cryptocurrency and still very risky, I also think that there are lots of other cryptocurrencies with bigger potential and with less risk. As for the technical picture, the Bitcoin Cash still remains in bearish phase but if the price advances above $400, short-term traders can enter the position with the stop loss at $380 and take profit at $470 or even $500.
 

Technical Analysis of Bitcoin Cash

All major cryptocurrency have advanced in the last several weeks but despite this, the cryptocurrency market is still under the pressure and for now, the “bearish” trend remains intact. The price of Bitcoin Cash has advanced from $105 above $160 in less than 60 days and the current price stands around $154. According to some estimates, Bitcoin Cash will not be able to replace Bitcoin and many skeptics believe it may not survive in the long-term. This is a highly speculative cryptocurrency and still very risky, I also think that there are lots of other cryptocurrencies with bigger potential and with less risk. When we look at the 1-year chart we can see that Bitcoin Cash is moving in “downtrend” and as long Bitcoin Cash is below $1 000 this cryptocurrency is in the “SELL” zone. Short term support and resistance levels are $100 and $200 – If the Bitcoin Cash jumps above $200 that would be a “BUY” signal and the open way to $250 and $300. If the Bitcoin Cash jumps above  $1 000 that could be a strong signal of the trend reversal and the open way to $1 500. On the other side, if the BTH falls below $100 that will be a signal “SELL” signal and the next target could be around $80 or even $50.

Advice: Bitcoin Cash aims to take Bitcoin in a new direction geared towards faster transaction speeds and lower fees. The price of Bitcoin Cash has been in the “bearish” phase since January 2018 but we can not say that the lowest price in December 2018 is the end of this phase. This is a highly speculative cryptocurrency and still very risky, I also think that there are lots of other cryptocurrencies with bigger potential and with less risk. As for the technical picture, the Bitcoin Cash remains in bearish phase but if the price advances above $200, short-term traders can enter the position with the stop loss at $185 and take profit at $250 or even $300.

Technical Analysis of Bitcoin Cash

The beginning of the 2019 year has been very negative for the cryptocurrency market and all major cryptocurrencies are still under the pressure. Bitcoin Cash (BCH)  is also pressured by this situation and for now, we can not see the “light” at the end of the tunnel. The price of this cryptocurrency has weakened from $170 below $110 in less than 30 days and the current price stands around $120. This is a highly speculative cryptocurrency and still very risky, I also think that there are lots of other cryptocurrencies with bigger potential and with less risk. According to some estimates, Bitcoin Cash will not be able to replace Bitcoin and many skeptics believe it may not survive in the long-term. When we look at the 1-year chart we can see that Bitcoin Cash is moving in “downtrend”. As long Bitcoin Cash is below $1 000 this cryptocurrency is in the “SELL” zone. Short term support and resistance levels are $100 and $200 – If the Bitcoin Cash jumps above $200 that would be a “BUY” signal and the open way to $250 and $300. If the Bitcoin Cash jumps above  $1 000 that could be a strong signal of the trend reversal and the open way to $1 500. On the other side, if the BTH falls below $100 that will be a signal “SELL” signal and the next target could be around $80 or even $50.

Advice: In my opinion, this is a highly speculative cryptocurrency and still very risky, I would invest only a small sum of money in this cryptocurrency. Bitcoin Cash aims to take Bitcoin in a new direction geared towards faster transaction speeds and lower fees. As for the technical picture, the Bitcoin Cash remains in bearish phase but if the price advances above $200, short-term traders can enter the position with the stop loss at $185 and take profit at $250 or even $300.
 

Technical Analysis of Bitcoin Cash

The second week of January 2019 has been very negative for the cryptocurrency market and all major cryptocurrencies have weakened. The cryptocurrency market has shed around 10% of market capitalization in only several days and for now, there is no important reason to change this negative trend. The price of Bitcoin Cash is also pressured by this situation and the price of this cryptocurrency has weakened from $160 below $125 in less than five days. Bitcoin Cash aims to take Bitcoin in a new direction geared towards faster transaction speeds and lower fees. This is a highly speculative cryptocurrency and still very risky, according to some estimates Bitcoin Cash will not be able to replace Bitcoin and many skeptics believe it may not survive in the long-term. When we look at the 1-year chart we can see that Bitcoin Cash is moving in “downtrend”. As long Bitcoin Cash is below $1 000 this cryptocurrency is in the “SELL” zone. Short term support and resistance levels are $100 and $200 – If the Bitcoin Cash jumps above $200 that would be a “BUY” signal and the open way to $250 and $300. If the Bitcoin Cash jumps above  $1 000 that could be a strong signal of the trend reversal and the open way to $1 500. On the other side, if the Bitcoin Cash falls below $100 that will be a signal “SELL” signal and the next target could be around $80 or even $50.

Advice: The price of Bitcoin Cash has been in the “bearish” phase since January 2018 but we can not say that the lowest price in December 2018 is the end of this phase. This is a highly speculative cryptocurrency and still very risky, I also think that there are lots of other cryptocurrencies with bigger potential and with less risk. As for the technical picture, the Bitcoin Cash remains in bearish phase but if the price advances above $200, short-term traders can enter the position with the stop loss at $185 and take profit at $250 or even $300.
 

Technical Analysis of Bitcoin Cash

December 2018 could be the worst-ever month for Bitcoin Cash and for the cryptocurrency market as a whole. The cryptocurrency market has shed around 50% of market capitalization in the last several weeks and for now, there is no important reason to change this negative trend. In only 30 days the price of this cryptocurrency has weakened from $420 below $80 which represents one of the biggest falls on the cryptocurrency market. This is a highly speculative cryptocurrency and still very risky, according to some estimates Bitcoin Cash will not be able to replace Bitcoin and many skeptics believe it may not survive in the long-term. When we look at the 1-year chart we can see that Bitcoin Cash is moving in “downtrend”. As long Bitcoin Cash is below $1 000 this cryptocurrency is in the “SELL” zone. Short term support and resistance levels are $70 and $100 – If the Bitcoin Cash jumps above $200 that would be a “BUY” signal and the open way to $250 and $300. If the Bitcoin Cash jumps above  $1 000 that could be a strong signal of the trend reversal and the open way to $1 500. On the other side, if the BTH falls below $70 that will be a signal “SELL” signal and the next target could be around $60 or even $50.

Advice: Bitcoin Cash aims to take Bitcoin in a new direction geared towards faster transaction speeds and lower fees. The price of Bitcoin Cash was above $2 900 in January 2018, the current price is around $78 but it is true that the price could fall even more. This is a highly speculative cryptocurrency and still very risky, I also think that there are lots of other cryptocurrencies with bigger potential and with less risk. As for the technical picture, the Bitcoin Cash remains in bearish phase but if the price advances above $200, short-term traders can enter the position with the stop loss at $185 and take profit at $250 or even $300.
 

Simple Guide to BitcoinCash

What is Bitcoincash

Bitcoin cash, an alternate coin, was created on August of 2017 following complains by bitcoin users of the long time it took for transactions to be completed on the bitcoin block. The pioneer cryptocurrency, bitcoin, had been having issues, following its 1MB block size that made it more difficult for bitcoin owners to complete transactions fast, so it was important that a hard fork took place. Bitcoin cash, has since 2017 gone on to become the fourth largest cryptocurrency behind bitcoin, ethereum and litecoin.
 
Bitcoin cash (BCC) has a market capitalization of 1,480,229BTC which is $9,449,765,513 USD (November 9 2018) with 17,449,488 BCH in supply.
A total of 21 Million BCH was created on August 1 2017.
Bitcoin was created with a 1MB block size in order to prevent spam attack on the currency. But this strategy worked cause of the low demand for the coin. With increasing demand and transactions however, the small block size was incapable of dealing with the thousands of transactions going on simultaneously around the world. Some people complained of having to wait for four days before transactions were confirmed.
 

Early Rise of Bitcoincash

Divergent opinions on how to improve bitcoin – whether or not to increase the block size or block capacity (SegWit) – led to the creation of bitcoin cash. SegWit (Segregated Witness) was a proposal to help improve the transaction time on bitcoin. The SegWit system functions by removing the signature information from the main block, storing it outside.
This does not do anything to the transaction ID but there was a likelihood that signatures could be tampered with.
Even though using SegWit would mean more transactions on the block, it was kicked against.
This suggestion did not augur well with the bitcoin community who believed that it was going against the original idea of a single block storing the transactions information.
This led to a Hard Fork.
A hard fork is when a cryptocurrency splits into two, like a parallel universe. For example bitcoin was the “Universe 1” getting splited and forming “Universe 2”, Bitcoin cash. The transactions from Universe 1 when it splits would be automatically copied into Universe 2. So of I had coins with universe 1 before it split, I could still use it as Universe 2, but after the splitting they are both separate Universe, doing separate operations.
 
The bitcoin hard fork birthed the Bitcoin cash.
The new coin, BCH or BCC, was an improvement from the bitcoin classic. It had a block size if 8MB compared to the 1MB of the bitcoin classic. It also removed SegWit, which was proposed as the solution to the bitcoin classics’ problem of slow transaction confirmation.
Bitcoin cash, as a means of financial transactions and not just a value holding currency, was created to rival the likes of PayPal in speed and volume of transactions carried out.
Even though the coin provides faster rates for transactions, it is however criticised for its large block size needing bigger and expensive systems to mine. The mining community believes that with this increased mining power needed, smaller miners would soon be out of business as bigger companies who can afford these expensive systems would take over the mining.
There has however been a fall out between the two main figures of BCC, Craig White and Roger Ver, over the November 15 hard fork of Bitcoin Cash.
The feud, alleged feud, has seen the coin drop in price over the last three days – November 5 to November 8, dropping from 628.51USD to 574.43USD.

 
It was not accepted as a means of payment when it was initially created, merchants and companies citing fears if its acceptability. It however made its way to exchange platforms and became accepted as a means of payment when there was a High demand for the coin.

Exchangers For Bitcoincash

The exchange platforms that accepts bitcoin cash are:
CoinBase, Bittrex, Binance, Poliniex, Coinex, BOA exchange, Panda Exchange, Kraken and a host of other.
Although the coin has since grown in acceptance, it still pales behind in price and acceptability compared with bitcoin.
The proposed hard fork of BCH would give birth to Bitcoin Cash ABC and Bitcoin Cash CV. The warring parties – Wright and Ver – favour the different coins. While Ver favours Bitcoin ABC, wright favours Bitcoin Cash CV.
 

Technical Analysis of BitcoinCash(Nov.15th)

In an effort to improve the efficiency of transactions, Bitcoin Cash broke off from the original Bitcoin network on 1 August 2017. Bitcoin Cash aims to take Bitcoin in a new direction geared towards faster transaction speeds and lower fees. Bitcoin Cash is one of the most valuable cryptocurrencies with the market capitalization of $8.2 billion, the current price of this coin is around $470. This is a highly speculative cryptocurrency and still very risky, according to some estimates Bitcoin Cash will not be able to replace Bitcoin and many skeptics believe it may not survive in the long-term. On the other hand, some analysts believe that Bitcoin Cash offers an improvement over other cryptocurrencies and will, therefore, gain value in the long-term. When we look at the 1-year chart we can see that Bitcoin Cash is moving in “downtrend”. As long Bitcoin Cash is below $1 000 this cryptocurrency is in the “SELL” zone. Short term support and resistance levels are $400 and $500 – If the Bitcoin Cash jumps above $500 that would be a “BUY” signal and the open way to $550 and $600. If the Bitcoin Cash jumps above  $1 000 that could be a strong signal of the trend reversal and the open way to $1 500. On the other side, if the BTH falls below $400 that will be a strong signal “SELL” signal and the next target could be around $350 or even $300.

Advice: The price of Bitcoin Cash was above $2 900 in January 2018, the current price is around $470 but it is true that the price could fall even more. This is a highly speculative cryptocurrency and still very risky, I also think that there are lots of other cryptocurrencies with bigger potential and with less risk. As for the technical picture, the Bitcoin Cash remains in bearish phase but if the price advances above $1000, short-term traders can enter the position with the stop loss at $890 and take profit at $1250 or even $1500.

Trading Strategies for BitcoinCash(Nov.12th)

Bitcoin Cash is a direct split from Bitcoin. It is a peer-to-peer electronic cash for the internet. It is fully decentralized with no central bank and requires no trusted third parties to operate. It is the 4th most valuable cryptocurrency after Bitcoin, Ethereum and Ripple. The current Bitcoin cash market cap is above $16 billion while the total circulating supply is about 17 million.
The only indicator you will need is the Volume Weighted Moving Average (VWMA) which is the average price of a coin weighted by volume and gives the best performance when used intraday. It helps in identifying suitable points at which to buy or sell and to measure the success of your past bitcoin cash trades. If the price of bitcoin cash is below VWMA, the trend is bearish, otherwise, it is bullish.

Steps to consider when trading Bitcoin Cash:

Wait for a strong breakout and a close above VWMA

We can use different tools to determine whether the Bitcoin Cash breakout above VWMA is genuine but the most accurate one is to use the price action. When the Bitcoin Cash price trades above the VWMA, we know it is a bullish signal. Moreover, the higher the closing price, the better.

Look for a retest of the VWMA and a reaction higher from it

This reaction higher should develop a pin bar pattern or a candlestick bar that has long wicks and they represent institutional buying as seen in the figure below.

Buy at the opening of the next candlestick after the pin bar

Hide your protective stop loss below the breakout candle

The lowest price of the breakout candle is the moment smart money has stepped into the market. If this level gives up then we know the bulls are very weak and it’s time to let the trade go.

Define a take profit level

When the Bitcoin Cash price trades below the VWMA, it shows the trend is bearish. It is thus advisable to take profit when we break and close below the VWMA. In order to avoid being caught in a false breakout below the VWMA, take partial profits and then trail your stop loss below the VWMA.

References

  1. https://tradingstrategyguides.com/bitcoin-cash-trading-strategy/
  2. https://www.avatrade.com/forex/cryptocurrencies/bitcoin-cash
  3. http://forextrading.company/bitcoin-cash-trading-how-trade-bch