Bitcoin Cash (BCH) Registers A Double Digit Loss, $230 Incoming?

BCH crumble, fall by 10.4 percent
Hard forks make Bitcoin Cash vulnerable

After a brutal Q4 2018, Bitcoin Cash (BCH) recovery in 2019 was spectacular. However, Mays hard fork and an undesired 51 percent attack was a stain, but a necessary intervention. In a retest, BCH is retracing and could fall back to $230 in a bear trend continuation.

Bitcoin Cash Price Analysis


Within the blockchain circles, nothing is as dreaded as a Majority Attack. Better known as a 51 percent attack, this rare assault happens when a miner, or a mining pool, take charge, commandeering more than 50 percent of the networks hash-rate.

With this newfound power, the individual or the group can rewrite the history of the ledgers transactions, literally breaking the system. While it is costly to unleash, the attack happened to the Bitcoin Cash network mid last month.

Ostensibly done for the general good of the Bitcoin Cash community, two of the largest BCH mining pools joined hands to reverse an illegal transaction by a miner. The unknown miner was taking advantage of a bug that was unrelated to the upgrade to try and steal funds forcing and to step in.

Although this was unwanted, reviving questions related to decentralization within Roger Vers Bitcoin Cash, supporters as Jonathan Silverblood argue that it was a necessary intervention:

This is a very unfortunate situation, but it is also what proof of work actually is. The miners, in this case, did choose to drop prohashes block and from what I heard, it is because they deemed a transaction within it to have been invalid.

Candlestick Arrangement

After free-falling for the better part of last year, Bitcoin Cash (BCH) performance during the previous five months has been impressive. Not only did bulls take charge, erasing losses of Q4 2018 but what we have in the daily chart is a classic retest of previous support now resistance.

What is visible is that the rally from $70 was at the back of high trading volumes helping in propelling prices back to $400. However, the failure of buyers to drum up momentum towards $600 or higher constitutes a retest.

Typical of a breakout pattern, the completion of the retest phase ushers in the third stage, the trend continuation. That is what is currently in progress and activation could see BCH tumble to $230 or the 61.8 percent Fibonacci retracement level of March and April trade range.

Technical Indicators

Since BCH is below the middle BB, May 19th bull candlestick anchors this trade plan. It has above average trading volumes of 122k and wide-ranging. Any break below $350 at the back of high participation could see BCH collapse to $230 as aforementioned.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

The post Bitcoin Cash (BCH) Registers A Double Digit Loss, $230 Incoming? appeared first on NewsBTC.

04.06.2019 / 23:30 59
Satoshi Nakamoto Miner Controls 40% of BCH Hashrate, Many Expect 51% Attack Soon Satoshi Nakamoto Miner Controls 40%
Over the past week, a mysterious miner calling himself Satoshi Nakamoto has been mining on a great scale. His target is Bitcoin Cash. The name of
Heres What DASH and RepuCoin Are Doing to Prevent 51 Percent Attacks Heres What DASH and RepuCoin Are Doing defines a 51 percent attack as the ability of someone controlling a majority of network hash rate to revise transaction history and
Bitcoin Cash: ABC Network Suffered Spam Attack as Hard Fork Activated Bitcoin Cash: ABC Network Suffered Spam
Immediately after the Bitcoin Cashhard fork, the blocks on the Bitcoin ABC chain started filling up with nonsensically small transactions. At the
Bitcoin Cash: ABC Futures Cross $300 in Hard Fork Aftermath Bitcoin Cash: ABC Futures Cross $300 in
With bitcoin cash mining its first forked block, the futures prices of SV and ABC are fluctuating wildly. The BCHSV futures price jumped 10.7 percent
Fork Wars: Bitcoin Cash Dev. Warns that CoinGeek Will Attack ABC Fork Wars: Bitcoin Cash Dev. Warns that
During a largely celebratory live stream regarding the ability of Bitcoin ABCs upgraded version of Bitcoin Cash to survive and thrive in a post-fork
Breaking: Bitcoin Cash Hard Forks  BCH Hash War Begins Breaking: Bitcoin Cash Hard Forks BCH
Minutes ago, Bitcoin Cash activated a hard fork that splintered the fourth-largest cryptocurrencys network into at least two competing versions,
Comments (0)
Add a comment
Comment on