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In less than a month, Bitcoin Cash with go through a hard fork that was scheduled for November 15.The network participants involved are said to have commenced their preparations. Mining Initiative SV-Pool, of which Nchain support, provided an update. In particular, they noted that the public can now access the pool. Bitcoin Cash miners will be able to tweak their hashrate to the SV-Pool, enabling them to be paid by what is known as an initial pay-per-last-n-shares (PPLNS) system. Therefore, over the past seven days, SV-Pool has been obtaining near 2.6% of the global BCH hashrate.
There are some more news for the BCH; Next, which is a crypto loan platform, added Bitcoin Cash on their platform. Nexo facilitates cryptocurrency holders to borrow from $1,000 up to $2 million. Users will need to lock in their digital assets to gain access to required capital. Once the loan has been repaid, users will then be able to retrieve their assets. Furthermore, Nexo’s assets are fully secured with BitGo, as their custodian partner.
After looking at the fundamental part of BCH, lets observe recent price action.
BTC/USD trend remains bearish , as it continues to produce lower lows and lower highs. At the same time RSI oscillator rejecting the trend line , which is another confirmation of the downtrend. On the October 21, BCH rejected the $466 resistance which also increases the downside risk. As long as price remains below this resistance, Bitcoin Cash should be expected to test $426 support. If it will not be able to hold the price, next support is based at 127.2% Fibonacci, that is $355 level, where the bearish trend might end.
But there is also a bullish scenario that definitely should’t be left without the attention. Break and close above the $466 resistance, can be interpreted positively, inviting more BCH buyers to the market. Then, price is likely to increase towards the resistance at $535. This level seems to play a key role, which might reveal intentions of the price in the coming weeks. Break above will send price higher towards either $592, $650 or $ $750 resistance area .
Nexo, a cryptocurrency loan platform, has added support for Bitcoin Cash (BCH). This now makes BCH the 6th token accepted on the platform, as collateral following on from the likes of XRP, LTC, BTC, ETH and BNB. Nexo facilitates cryptocurrency holders to borrow from $1,000 up to $2 million. Users will need to lock in their digital assets to gain access to required capital. Once the loan has been repaid, users will then be able to retrieve their assets. Furthermore, Nexo’s assets are fully secured with BitGo, as their custodian partner.
Disclaimer: This report is originally posted on TradingView and is for educational and informational purpose only. This post does not constitute an endorsement, recommendation, or offer to sell. Please be guided accordingly.
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