Bitcoin Cash Price Analysis: BCH Bull Foundation Firm, $230 Likely

Bitcoin Cash Price Analysis: BCH Bull Foundation Firm, $230 Likely

Latest Bitcoin Cash News

Understanding that the market is still small but growing, the UK financial watchdog, the Financial Conduct Authority (FCA) has started consulting on the best way to regulate cryptocurrencies and other applications spawning from distributed ledger technologies (DLTs).  Their objective is pretty straight forward and part of it will be to clarify what assets are subject to the FCA’s regulations and which are except.

Read: Fidelity Targets March For Launch of Bitcoin Custody Service

This way, businesses or firms will be better placed and in positions to know whether they will require authorization before they proceed. It will also aid them especially when they need authorization from regulators on measures to install in order to safeguard consumer interests. All the same, the FCA notes that only a small percentage of customers are involved, actively investing in cryptocurrencies. Despite the risks involved, the agency isn’t barring interested parties from investing.

The Executive Director of Strategy and Competition at the FCA, Christopher Woolard said:

‘This is a small but growing market and we want both industry and consumers to be clear what is regulated, and what isn’t. This is vital if consumers are to know what protections they’ll benefit from and in ensuring we have a market functioning as it should.’

Instead, they advise caution and letting they know that the inherent volatility in the largely unregulated market can result in loss of funds.

Also Read: For Every (Crypto) Winter There Comes a Summer

Because of the risks involved and considering the global nature of cryptocurrency investing, often times beyond projects will be beyond FCA’s remit and the regulator is making it know that consumers may not be adequately protected and not liable for recompense either from the Financial Services Compensation Scheme or from the Financial Ombudsman Service.

BCH/USD Price Analysis

Aside from XRP, Bitcoin Cash is the second most active coin in the top 10, adding a massive 6.6 percent by yesterday’s close. This impressive and as the coin recalibrate and tries to recoup massive losses of Nov 2018, it is likely that aggressive traders can benefit from this upswing.  Aside from fundamental factors and the positive correlation between BTC prices, technical candlestick arrangement favors bulls.

Note that in an effort versus result point of view, bears have not been successful and are yet to reverse gains of late Dec 2018—the rally from Dec 17 to 21. That is despite close to 33 days of consistent sell pressure. Such an arrangement is positive for bulls. Furthermore, when we paste a Fibonacci retracement tool at Dec 2018 high lows we notice that yesterday’s double bar bull reversal pattern printed right off the 78.6 percent mark.

As Fibonacci retracement rules dictate, the further this rally can retest—unless there are secondary influences to catalyze a rally—is Dec 2018 highs of $230.

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.

 

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