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Latest Bitcoin Cash News
Pretty much everything depends on the performance of Bitcoin. Unless there is coin specific news like an unlikely ABC—SV truce is announced and BTC prices continue to plummet below $3,000, the effect will be felt across the board. The reverberation will be so strong that we might see SV—ABC flip and the drop of the latter from the top 10 as Tether (USDT) demand surge pushing it to the top four.
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Of course, that will be a crisis and no one wants to see that printout. It’s an undesirable likelihood and before it pans out, we should draw inspiration from the speed at which conflicting parties are quickly moving away from the “war” pitching their vision-mission statement.
Before Nov 15, the ABC team had a plan of implementing zero confirms and though the move had its fair share of criticism for obvious reasons, BCH and Roger Ver still insist that the coin is a better alternative to BTC and best suited as a medium of exchange far from what BTC and core has evolved into.
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To that end, Chris Pacia of Open Bazaar is putting forth a proposal that will see the protection of these zero confirms transactions via what he calls the Avalanche Protocol secured by a dedicated group of Bitcoin Cash miners. The system he says will prevent miners from accepting bribes and when combined with zero-spend notifications, “zeroconf transactions will be very secure”.
Bitcoin Cash (BCH) Price Analysis
BCH/USD Daily Chart
It’s back to red and BCH/USD is down seven percent in the last day and a massive 17 percent in the last week cementing the sell pressure of the last 11 months.
To reiterate our previous BCH/USD which is still valid thanks to the failure of buyers to drive prices above the psychological round number–$100 and $150, SV—ABC parity will be inevitable in the course of the week.
A “flip” is also on the card and that will put extra pressure on ABC’s hash rate as miners would probably switch camp in seek of profit. As it is, the floors are not visible and as long as prices are trending below $100, bears have the upper hand.
BCH/USD 4HR Chart
What we have in the 4HR is a bear breakout below the minor support level of our trade range at $90.
As visible from the chart, that’s a whole bear bar below our sell trigger and as laid out in previous BCH/USD trade plan, bears of mid-November and early Dec are back and could drive prices lower today.
Unless there are gains above Dec 12 highs, we suggest liquidating BCH on every high.
*All Charts Courtesy of Trading View
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.