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Bitcoin Cash Struggles Against Resistance Ahead of Block Size Increase

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Bitcoin Cash
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The price of Bitcoin Cash reversed sharply from $1,500 last week. This has reinforced $1,500 as a key resistance level ahead of the hard fork scheduled for tomorrow (15 May). All eyes are now on that level as a break could see BCH displacing Ripple’s XRP as the third most valuable cryptocurrency, bringing more buyers to the market.

Fundamental View

Market participants continue to hold widely conflicting views about Bitcoin Cash. However, it’s important to note that its price performance has been better than most had expected, and it has managed to retain a strong following.

As far as adoption of Bitcoin Cash goes, there is little evidence that it is outperforming Bitcoin Core. As of March, Bitcoin Segwit transaction alone outnumbered transactions on the Bitcoin Cash blockchain.

Tomorrow’s hard fork will result in the block size for BCH being increased to 32 MB, which will allow more transactions to be to be included in each block. Critics have pointed out that given the current number of transactions currently taking place, this is unnecessary.

Since launching, BCH has mostly traded at between 7.5 and 20 percent of the value of BTC. It’s currently trading at around 16.5 percent of BTC’s value, and mean reversion would suggest a move back toward 12 percent – or $1,000 at current BTC prices. That is unless the long-term relationship is going to change in BCH’s favour.

Bitcoin Cash vs. Bitcoin Core (Image Credit: www.tradingview.com)

The Technical Picture

Bitcoin Cash rallied over 200 percent from a low of just above $600 on 6th April. Since reaching a high of $1,844 on 6th May, the price action has been bearish with a series of lower lows and lower highs.

Bitcoin Cash Price Action Since 6th April Low (Image Credit: www.tradingview.com)

Trendline resistance now coincides with horizontal resistance at $1,500. A break above this level may well result in an explosive move to the upside. This would likely result in BCH becoming the third largest cryptocurrency and bring new buyers to the market.

However, a rally may not be sustainable in the long term unless there is news that supports a rally or significant new buying across the broader cryptocurrency market.

If on the other hand, support at $1,275 and $1,236 give way, the bearish trend will be confirmed.

Conclusion

The bulls are looking for BCH to break $1,500 following tomorrow’s hard fork. If that level does break, new buyers may be attracted to the market and the price would quickly reach $1,655 and possibly $1,848. Beyond that, the market will be looking for news to support a longer-term rally.

If, however, support at $1,275 and $1,236 is broken, traders may wish to hold short positions until the trendline is broken – it’s possible that the price may retrace all the way to $600.

This article was written by FX Empire

Altcoins

Why BlocPal Is the Easiest Way to Accept Cryptocurrency

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The face of the retail industry is always changing.

E-commerce is one of the fastest growing trends worldwide, and for good reasons.

It’s convenient, secure, and is effective at connecting merchants with interested shoppers from across the world.

For this reason, it’s no surprise that online shipping is expected to overtake brick-and-mortar stores globally by 2021, making it the world’s largest medium for retail. As the industry changes, it’s important for retailers to keep up with the latest technology so they’re able to accommodate more customers at once. This is where BlocPal comes in.

BlocPal offers business owners an easier way to process payments

BlocPal understands that not every business owner adapts to technology at the same rate. As such, BlocPal has been designed to optimize transactions for both online and brick-and-mortar companies so that every retailer can enjoy the benefits that come with the world’s first true multi-currency payment solution.

With BlocPal, business owners can enjoy the following benefits:

    • The ability to process payments in fiat (USD and CAD) currency as well as Bitcoin, Bitcoin Cash, Bitcoin SV, Litecoin, and Ethereum. Expect more currencies to be added as BlocPal…
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Bitcoin

Bitcoin Grows Beyond $4,000

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Bitcoin grows beyond $4000
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Bitcoin (BTC) is starting to make waves again, and while they are still small, investors around the world are welcoming the positive development. The number one cryptocurrency has just breached the $4,000 mark, and while this is still five times lower price than it was in early January 2018, it is over $800 higher than in early December 2018.

At the time of writing, Bitcoin price is at $4,048.60, after the coin experienced a 5.53% growth in the last 24 hours. Meanwhile, its market cap sits just above $70.5 billion, while the coin’s daily trading volume is at $5.7 billion.

Bitcoin has had a rough 2018, just like the rest of the crypto market. In fact, the coin is so influential that it usually dictates the market behavior, whether positive or negative. Right now, the rest of the market follows the positive trend, with all of the top 10 cryptocurrencies currently trading in the green, while only a few among the top 100 coins are experiencing minor losses.

The largest gainers among the top 10 cryptos by market cap are Litecoin (LTC) with a 7.64% growth, and Stellar (XLM), which is growing by 7.27%.

Bitcoin’s behavior in the new year has mostly been positive, which is a trend that originally started on December 17th, 2018. After a month and a half of constant losses, which have brought…

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Bitcoin

What Will Happen First: BTC 2k or 5k?

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BTC
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2018 has ended, and while there was no enormous surge that investors were hoping for, it still ended with a bit of hope for those wishing to see Bitcoin BTC rise.

Only two weeks before the end of 2018, BTC was in a desperate position, with the value of its coin being at $3,200, threating to drop even lower. However, a sudden surge occurred on December 17th, which returned $1,000 to its value. And, since it lost approximately $400 since then, the final days of 2018 have still seen BTC well-above its lowest point of that year.

Now, 2019 has arrived, with traders and investors wondering what will happen next? Is BTC going to drop to $2,000? Will it rise back to $5,000? Will the bear market expand to this year as well, or is the market ready for a proper bull run this time?

The answer, once again, remains uncertain. The problems with scalability may be reduced significantly soon, but high volatility remains an issue. Even the slightest shift can have enormous consequences for the entire market, and any news can impact the BTC price, no matter how big or small, or if positive or negative. To stop its further drop, BTC had to find a balance. However, this balance is more fragile than ever, and the price is expected to move very soon.

What to expect…

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