Bitcoin Cash Hardfork: Time to Revisit $660?
- Bitcoin Cash is scheduled for a protocol update on the 15th November
- Many within the community are expecting for a hardfork
- This divide could see BCH pump back to $660
FOR IMMEDIATE INVESTMENT & TRADE RELEASE. BE INFORMED
What is the cause of this?
- The community are rallying behind a Satoshi Vision software upgrade – leading to a revert of many of the charteristics within the Bitcoin network
- Bitmain, one of the main backers behind BCH wants a token Burn with one of the leaders of BCH, Roger Ver also interested in doing so.
- If a consensus isn’t reached shortly within the community for the software upgrade, one side will have to hard fork – with both sides fighting to keep the name.
What does the Technical Analysis suggest?
- On the 1W higher time frame, the OBV is illustrating that accumulation is still continuing – most likely illustrates that open positions are neutral as a result of the undecidedness.
- On the 1W HTF, the RSI Stochastic also illustrates a crossover – meaning that BCH has become bullish – this could see it at the minimum rise up to $576 to fill the gap at $600 before falling.
- The 1D illustrates that buy side support is heavily in favour of $409 with the 15MA acting as a resistance, a break over there and closing above $450 would illustrate bullish news.
- 1D OBV illustrates accumulation is still continuing.
What is Nouvive’s Research thoughts?
The community splitting, thereby causing BCH to hardfork would be bullish news as that would lead the holder to have 2 coins just like last November 2017, with the newer coin being the current BCH seeing as high as $3000.
The community deciding to stay together, not hardforking would also be bullish news as that would lead them to become together – thereby giving a renewed faith in BCH.
Where would Nouvive enter a position?
$409 with a stop loss at $391 and a take profit at $600, representing a close to 50% increase in value.
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