What happens to the price of a Bitcoin Cash in the day of hard forks? The answer is on the charts

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2018-11-14 19:15:07

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What happens to the price of a Bitcoin Cash in the day of hard forks? The answer is on the charts Source:

Each hour location along with a line of $ 500 increases the chances of falling . Recall that tomorrow will be an important event in the life of cryptocurrency — there will be hardwork BCH. It is possible that up to this point the growth will continue, but until the main fork of Bitcoin trades did not give a clear idea about the future.

The Overall situation looks like this:

the
    the
  • BCH can not break through the resistance zone at $ 540;
  • the
  • for the 1-hour chart formed a down trend, now the price of the asset is slightly beyond;
  • the
  • cryptocurrency has a very good chance to sink below $ 500.

At the moment, Bitcoin is trading Cash at 522 dollars. In the past 24 hours the rate has increased by 2.6 percent. Market capitalization is of 9.12 billion dollars, while the daily trading volume exceeded billion.

the

Technical analysis

It Seems that the expectations of hard forks gradually lose their relevance. Cryptocurrency is not growing, which means soon the bears can take the situation into their own hands. A couple of days ago cryptocurrency failed to break the resistance line at $ 530, now it is again going to test the line. If penetration does not happen, the asset will fall again to $ 500.

The Second major barrier to Bitcoin Cash — 100 SMA on the 1 hour chart. At the moment she runs in the area of $ 540. According to NewsBTC, to confirm the signal to long the asset must pass this obstacle with large trading volumes. If it succeeds, you should open a short position with a stop loss at 545 dollars.

image Source — NewsBTC

The Rollback is confirmed by technical indicators. MACD (on the scale of 1 hours chart) is in a bearish zone. RSI is also moving down, so the hopes for growth yet.

Subscribe to our cryptcat, here you can find a even more promising .

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