- Bitcoin Cash reverses bullishly towards $400 after testing the support at $350.
- Developers, miners and business in the Bitcoin cash network prefer a “minimally-altered client based on Bitcoin ABC.”
Bitcoin Cash explored the region at $350 as I discussed in the previous article. However, the bulls quickly entered the market ready to buy low and push the price upwards. BCH/USD is already in the green on Friday towards the end of the Asian session. It is up 2% after adjusting from an intraday high of $382. Cryptocurrency live rates table shows that the existing trend is bullish but the shrinking volatility could limit the movements towards $400.
Bitcoin Cash developers’ disagreements on proposed tax mount
A faction of well-established Bitcoin Cash software developers on February 19th made public a new Bitcoin Cash node that comes with the Infrastructure Funding Plan (IFP) purged from the codebase. Freetrader, the developer released the news on the read.cash platform cited increased demand from businesses, miners as well as developers who preferred a “minimally-altered client based on Bitcoin ABC.”
The news comes amid growing disagreements regarding a development tax proposed to be charged on all miners. Bitcoin.com has already distanced itself from the 12.5% tax proposed earlier this month. However, Bitcoin ABC has come up with a new proposal that wants to cut the proposed tax to 5%. Contractions are fast mounting within the network and the situation is expected to escalate as the next software upgrade approaches. According to Free Trader:
The primary goal of this initiative is to provide a safe and professional node implementation that will neutrally follow the longest chain without contributing to the risk of a chain split.
Bitcoin Cash technical picture
Looking at the 1-hour chart, Bitcoin Cash is largely in the hands of the bulls. Various technical indicators including the RSI and the momentum signal confirm the bullish scenario. However, the downward sloping channel is likely to limit movements eyeing $400 in addition to the resistance at the 23.6% Fib level and the 50SMA currently at $391.59. Growth above $400 could eventually place Bitcoin Cash in a trajectory towards $500.
BCH/USD hourly chart
-637178521521192946.png)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?