Latest Bitcoin Cash News
The Indian Government is adamant: the country is not ready for cryptocurrencies. While the country’s regulators may appear naïve–allowing crypto enthusiast and maximalist to throw salvo, the stance may, after all, be precautionary. Note that the country is preparing for general elections later this year and there are power transitions on the cards.
Read: CoinBase To Consider A New Subscription Model For Crypto Investors To Save Fees And Add Perks
Despite everything, it is increasingly becoming clear that government economic advisors had no say and as the RBI triumph once again, plans of the state launching its own central bank backed coin has been shelved until after the study committee found a reason to believe that the crypto market is “mature”.
In other news, Jonathan Silverblood might soon find his name etched in crypto folklore if his ambitious and novel idea of creating customizable and human-readable addresses tied to BCH owners private key come to pass. The solution, Cashaccount.info is still being trialed and interested detectives can dissect how the system works at GitLab.
Also Read: Lou Kerner Says Bitcoin Can Reach $100,000 if BTC Becomes a Store of Value
But to diffuse any doubt, Bitcoin.com reported that creating a customizable human-readable address that isn’t cumbersome and can be sent via regular chats is pretty straightforward taking at most two minutes.
Bitcoin Cash (BCH) Price Analysis
After BCH collapsed in mid-November, the community didn’t expect the hash rate war to dent prices as it did. Not only did it break prices as BCH value more than halved, dropping as low as $71 according to data from CoinBase but participation and general activity was wrecked. This was unexpected and as the market recovers, traders expect BCH value to adjust to at least above $230.
However, from candlestick alignment, this appears to be a long short. Note that the path of least resistance is southwards and when we paste a simple Fibonacci retracement tool between Nov 2018 highs and Dec 2018 highs, it’s easy to see that $230—our buy trigger line and resistance level flush with the 23.6 percent retracement level.
Traders are watching this level because if bull momentum builds up and prices expand above $230 at the back of above average volumes exceeding the mean between Dec 17 and 20, then chances are BCH will hit $400 most likely by end of Jan 2019.
Otherwise, rejection of higher highs and drop of prices below $150 would mean a resumption of bears and it won’t be a surprise if BCH prices not only clear $100 but drop to new 2019 lows by end of the month.
Retaining an upbeat overview, our BCH/USD plan is as follows:
- Buy: $230
- Stop: $180
- Target: $400
The views and opinions expressed in the article BCH Steady but Bulls Must Break above $230 For Trend Continuation do not reflect that of 48coins.com nor of its originally published source. Article does not constitute financial advice. Proceed with caution and always do your own research.