Bitcoin cash is trending down amid news of an upcoming technical change.
After rallying more than 30 percent over the last week, with prices clocking a five-week high of $522.95 日曜日に, the bitcoin cash-US dollar (BCH / USD) exchange rate is $438 プレス時, up slightly from a low of $415 昨日.
しかしながら, the move isn’t without cause, as an attempt to update the project’s underlying software appears to have traders slightly spooked.
Bitcoin cash developers explained yesterday that they intend to push forward a fix for the code meant to make its mining network more sustainable as soon as Nov. 1. But while those behind the effort sought to position it as sufficiently tested, noting it won’t come into effect until Nov. 13, the market reaction was more mixed.
Remarks on social media indicate users may be worried about a lack of coordination between the developers and how the blockchain, which feature’s bitcoin’s original code plus a boost to the block size, might compete with Segwit2x, another fork that could launch in mid-November.
Despite the apparent fork concerns, にもかかわらず, price action analysis suggests the market favors the bulls as long as the effects of the hard fork are not too severe.
- Breach of the falling trend line last week, followed by a solid rally to a 5-week high of $522.95
- Inside day candle pattern: Monday’s price action (high/low) falls within the price range of the previous day
- 現在, prices are trading at the 23.6% Fibonacci retracement level of the decline from Aug. 19 high to Oct. 19 低いです.
アン “inside day candlestick’ is a neutral pattern, pointing to the price action on the following day, which decides the trend.
- 以下近いです $415 (previous day’s low) would signal bearish inside day candle reversal and shall open doors for a re-test of the trend line support seen around $325 レベル.
- 一方, a move above $415 would revive the bullish move and could yield rally to $544 (38.2% フィボナッチリトレースメント).
- The bias remains bullish, courtesy of strong upside break of the falling trend line and jump in trading volumes.
CoinMarketCapあたりとして, trading volumes for BCH have jumped 750 percent in the four days since Oct. 29, which might validate the upside break of the falling trend line witnessed on Oct. 27.
その間に, volumes dropped 60 percent on Oct. 30, which means the retreat in prices from $522.95 に $415 lacked substance (drop due to profit taking).
結論として, volume activity favors further upside in bitcoin cash.
開示: CoinDeskデジタル通貨グループの子会社であります, which acted as organizer for the SegWit2x proposal.
Bitcoin cash image via Shutterstock
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