Bitcoin Cash Price Analysis–Jan 4
Latest Bitcoin Cash News
It might be revolutionary but the problem with blockchain dependent payment processing–and basically all cryptography networks, is that shareable identifiers must be hashed. While hashing is that mandatory proof that validates and adds transactions to a block in proof of work consensus network, the resulting identifiers are complex. Although it’s possible to share, it’s not readily human readable.
They may be free from spelling mistakes complete with proper checksums amongst other properties but the truth is that transferring account details via text or phone is very cumbersome. Motivated by these challenges, Jonathan Silverblood—a Bitcoin Cash proponent and developer, is now creating a new identification system called Cashaccount.info.
The ID system is still in beta stage and open source but trials have demonstrated that it will be possible to create a human-readable account that is tied to your Bitcoin Cash address. What’s even better is that the process has been simplified if not straightforward.
By utilizing an operation code, OP_Return transaction, it will be possible to create an account by simply typing in an alias. For on-chain confirmation, the OP_Return transaction ensures proper broadcast and miner confirmation once the “Broadcast Register Transaction” is pressed.
Bitcoin Cash (BCH) Price Analysis
At the time of press, BCH is down 3.7 percent but up 9.1 percent in the last day and week. However, this decline could turn out to be a loading zone for traders searching for better entries at a discount. At spot prices, BCH seems to have bottomed up and after sinking to $70 by mid-Dec 2018, the bounce was inevitable.
Notice that in the daily chart, candlestick arrangement point to bulls partly because of the rapid expansion of prices from $71 to above $200 by late Dec, early Jan 2019. This is very bullish for BCH and for bulls to be in charge then the break and close above $230—a vital resistance level and buy trigger line—must be broken completely with above average volumes even eclipsing those of Dec 20—289k versus 71k.
Further cementing our position is the realization that $230 is the 23.6 Fibonacci retracement level drawn between Nov-Dec 2018 losses. As it is, support is at $150 and with yesterday’s losses, buyers have a chance. On the flip side if momentum slows down and bulls fail to muster enough momentum to propel prices above $230 or Dec 28 highs, then the bear trend set in motion in Q4 2018 is strong and BCH could tumble to new lows below $100 and $71.
Otherwise, if it is successful, expect prices to surge to $400 by end of January.
Our bullish BCH/USD trade plan is as follows:
All Charts Courtesy of Trading View
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.