Bitcoin Cash Price Analysis: BCH Bulls Aim at $600 after Adding $2 Billion
A combination of upbeat sentiment, positive news as Google reversal of crypto bans and favorable technical formation mean Bitcoin Cash bulls are back. Thanks to yesterday’s 18 percent surges, prices are likely to spring back towards the all-important $600 resistance and previous bear breakout level.
Latest Bitcoin Cash News
Perhaps, to counter competition—Gemini, Bittrex and crypto apps as Robinhood, CoinBase is planning to rapidly increase their coin and token listings. The US based Crypto exchange is a big player in the crypto world enjoying pioneer status. It describes itself as a conduit, a bridge that connects crypto and fiat.
Today we’re announcing a new listing process that will allow us to rapidly add most digital assets that meets our standards and are compliant with local law, while providing our customers with the tools to discover, evaluate, trade, and use digital assets: https://t.co/6AteNMOnYr
— Coinbase (@coinbase) September 25, 2018
To make this a reality, the exchange will allow token or coin companies fill special coin listing application form for consideration. Later, these applications shall be vetted against a set outline. It might not be that overt but these specifications lock out privacy centric coins as Monero and ZCash. It’s almost certain that their respective foundations won’t grant access for CoinBase to carry out KYC or AML customer checks.
Obviously, these specifications do insulate them against lawsuits. CoinBase is very prudent and methodical when listing a coin and this new shift might end up affecting its status and even liquidate demand of listed coins.Under Network Standards, CoinBase directs that for consideration, all coins listed must work towards growing their network. If this is strictly followed then Bitcoin Cash and Ethereum Classic listings couldn’t have made the cut. That’s because of their node concentration and number that’s jeopardizes decentralization.
Bitcoin Cash Price Analysis
On a weekly basis, Bitcoin Cash is up 22 percent. Even if the market is vibrant, still remains sellers technically in control. BCH prices are trading inside a bear break out pattern set rolling by week ending Aug 12. The strength of sellers was further demonstrated by week ending Sep 9 when prices sunk from our immediate resistance line at $600. If anything, we retain a bearish outlook in line with our last Bitcoin Cash trade plan. That’s unless there are surges past $600 effectively negating this bearish projection.
As laid out in our previous Bitcoin Cash trade plan, our minor bull trigger is at $500. After yesterday, buyers are likely to build momentum towards $600. That’s not because short terms bulls are now active. But because of the rapidity of yesterday’s gains.
If we paste a simple Fibonacci retracement tool between last week’s high low then it’s clear that sellers have so far reclaimed 50 percent of last week’s gain.
Historically, this is where reversals do happen and with yesterday’s trend resumption, it’s clear that buyers are back. We suggest aggressive traders to load at spot rates with stops at $430—Sep 26 lows with bull targets at $600.
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.
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