Facebook’s Global Coin Is A Threat to Bitcoin Cash, BCH Down 3.7%

BCH down 3.7 percent
Facebook’s Global coin will disrupt public chains like Bitcoin cash

Analyst Says More People Will Buy Bitcoin as Equity Markets Climb
Sunday September 15, 2019

Bitcoin’s price action has grown stagnate in the lower-$10,000 region over the past several days, which has proven to be a positive thing for multiple major altcoins, as they were able to post large...

The post Analyst Says More People Will Buy Bitcoin as Equity Markets Climb appeared first on 12bitplay - Bitcoin Play.

Because of Facebook’s broad base and active users exceeding 2 billion, the Global coin is an existential threat to Bitcoin Cash. Currently, BCH is consolidating against the USD, down 3.7 percent.
Bitcoin Cash Price Analysis
Fundamentals
Perhaps, for the neutral, Bitcoin Cash is indeed what Bitcoin failed to be. That is Cash. According to Bitcoin’s whitepaper, the peer-to-peer cash system was, first of all, supposed to be a medium of exchange.
However, grappled with scalability concerns forcing transaction fees to spike, Roger Ver and a team formed a splinter coin. Calling it Bitcoin Cash, it is clear that the objective was to ride on the Bitcoin brand, from there market their platform and eventually replace Bitcoin.
Well, the idea was initially successful as BCH rocketed, but soon, despite the advantages, little to no use left the network exposed triggering a price meltdown. Bitcoin Cash is far from what it represents, and with low media transaction value, recent concerns of an intentional deep chain re-org, it is hard to convince spectators that the network is dominant.
That’s in spite of what Roger Ver and team insistence. Although they are actively building, the eventual rollout of Facebook’s Global Coin could deal a final blow to Bitcoin Cash. It may be too early to, but time will tell.
Candlestick Arrangement

Bitcoin to Boom As Macroeconomic Backdrop Worsens; Here’s Why
Thursday September 12, 2019

For most of its life, Bitcoin (BTC) was seen as a volatile gamble that was most likely to fail. Just look to the countless obituaries detailing the “death” of the cryptocurrency on this site....

The post Bitcoin to Boom As Macroeconomic Backdrop Worsens; Here’s Why appeared first on 12bitplay - Bitcoin Play.

At the time of writing, Bitcoin Cash (BCH) is stagnating, down 3.7 percent in the last week. Although there are flickers of resistance, buyers have the upper hand. At least that is what we can glean from candlestick arrangement as well as the outstanding trend.
All the same, it will be ideal if there is a sharp break and close above $490 or May high. Such a move will be a pass for traders aiming for $600, satisfactorily reversing losses of Q4 2018. Note that bears are pressing lower.
The longer prices consolidate, the more sellers have a chance to push lower thanks to the bear reversal pattern after May 30th. Therefore, while aggressive traders can buy the dips as long as prices are above $340, conservative traders can wait for a surge above $490 before initiating longs.
Technical Indicator
In light of the above, May 30th candlestick leads this trade plan. It is wide-ranging with high trading volumes of 122k. Any surge or meltdown above or below $490 or $340 must be with high participation exceeding 122k. That will either confirm or nullify this trade plan.
Chart courtesy of Trading View. Image Courtesy of Shutterstock
The post Facebook’s Global Coin Is A Threat to Bitcoin Cash, BCH Down 3.7% appeared first on NewsBTC.

Bitcoin Maturing as CME Doubles BTC Futures Contract Limits
Friday September 13, 2019

The markets surrounding Bitcoin may be incurring increasing maturity, as the Chicago Mercantile Exchange (CME) is now opening that gates for traders to begin holding a significantly higher number of open BTC contracts than...

The post Bitcoin Maturing as CME Doubles BTC Futures Contract Limits appeared first on 12bitplay - Bitcoin Play.

You may also like...