Bitcoin Cash Price Analysis: Up 2.5%, Further Gains on the Card

 

Latest Bitcoin Cash News

This is supposed to be straight up. Volumes equal liquidity and the more liquid an exchange’s order book is, the more confident users are with it. That means business and trust. Exchanges like Binance, BitFinex and the likes are not that pure. BitFinex, for example, on numerous occasions has been accused of wash trading EOS during their year-long ICO.

Read: Researchers find Bitcoin Reserves Determine Customers for Exchanges

In regulated exchanges, this is illegal and a rare. However, it is so rampant in unregulated crypto, the SEC boss Jay Clayton says the vice has them scratching their head and part of the reason why they are convinced the crypto space is not “mature enough” and ready for a saving Bitcoin ETF. But how Coin Market Cap list suspect exchanges, condoning such act is mind boggling and even disturbing. They continue to supply the same total supply volumes for XRP despite Messari’s damning report.

Alternatives as OnchainFX have re-adjusted XRP total circulation volumes in light of new information. That’s not all, Redditors are incensed that CMC despite their influence continues to list an exchange a small and relatively unknown exchange, FatBTC while their QNT/ETH volumes are obviously inflated.

Also Read: Taking Bitcoin To Mainstream Businesses: Syscoin As Bridge Between Two Chains

A user said the only reason they continue to mislead market participants is because they are “receiving kickbacks from the exchange”. Others added that CMC is irrecoverably corrupted and with every accusation, the coin tracker is committing “suicide”.

BCH/USD Price Analysis

In the top 10, other than BNB and LTC, BCH is perhaps the only coin that is stable. It is down 1.1 percent in the last week but up 2.5 percent in the last day. However, from candlestick arrangement, BCH bulls are well positioned and look like it will gain ground in days ahead.

Unlike BTC, BCH is yet to retest lows of Jan 2019 meaning the double bar bull reversal pattern of Jan 29-30 is valid. Therefore, considering our previous BCH/USD trade plan, odds are bull momentum will continue picking up and BCH will likely break and close above our buy triggers at $135.

The level marks the 61.8 percent Fibonacci retracement level from Dec 2018 high low and as a critical level often marking shift of momentum and inevitable momentum, there are chances that prices will clear $150 opening up doors for more bulls aiming at $230 and later $400.

If it pans out as planned, then it would be perfect for BCH as a project as well as investors and could even indicate an eventual return to profitability after months of unforgiving bears. For now, we recommend taking neutral stands aware that drops below $100 are a pass for $70.

All Charts Courtesy of Trading View–CoinBase

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.