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BCHUSD forecast: Bitcoin Cash fundamental analysisBITFINEX:BCHUSD Dear friends, I continue my series of price predictions. Today, I’d like to dwell upon the recent news about Bitcoin Cash. There have two sensations about this coin during the recent week. The first one reads that some Cory Fields, one of Bitcoin Core developers, found a serious vulnerability in Bitcoin Cash protocol, which would have caused the consensus protocol to fail completely by causing the bad block to divide the digital currency into two, hindering transactions. Here, Cory should be appreciated for his responsible attitude towards this problem, as he and revealed the flaw as early as on April 25, but published the information only on August 9, when he was completely sure that Bitcoin Cash developers has corrected the problem. Although, Cory wrote about the vulnerability already after they had solved the problem, the news bit has shocked all the coin holders like a cold shower. As the developers have already made such a mistake once, then who guarantees that similar errors won’t occur again during the future updating of Bitcoin Cash chain, planned for November? After such information, BCHBTC completely broke through its last support and dropped far lower, to the psychologically important level 500 USD (see the BCH price chart above). As you see in the chart above, Bitcoin, the cryptocurrency market benchmark, performs far better than BCH. It proves BCash fundamental weakness and zero interest of big buyers at the current levels. It is already rather long ago when in the crypto media, there appeared the news about strong centralization of Bitcoin Cash. The original source of this information was the notorious BitPico group that once promised to make Roger Ver cry and was trhreatening to ruin Bitcoin Cash as a cryptocurrency asset. As it turned out later, BitPico project itself, as well as all its activities, was rather doubtful. This account deleted all its twitts, leaving only the last one that due to strong Bitcoin manipulation they were not interested in anymore and didn’t see any growth-prospects. Moreover, they would sell their mining farms and suspend their activity it is in descent terms, (the original post is here) . Such strange behaviour makes me feel that this project, the information and how it was presenting it, it’s nothing else but another means of Bitcoin Cash promotion and a tool to manipulate BCH rate. So, I don’t rule out that the talks about BCH centralization, which were published, are strongly exaggerated. Nevertheless, there is one, very powerful player in the Bitcoin Cash market. As it has been disclosed recently form the open-sourced Bitmain reporting, the latter much increased its share in BCH, according to the information dated March 31. Although this piece of information appeared just a few days ago, many media interpret it in a wrong way. The matter is that the presented data are relevant for March 31; and if you look at the chart below, you’ll see that BCHUSD ticker was rather up after that. Finally, I would claim that, with the price surge from 600 USD up to 1800 USD, Bitmain managed to play back a part of positions and take the profit, so I still wonder, whether the company suffered from real losses, caused by its investment portfolio. In the chart above, you see that the last cycle in the chart is supported by large volume; besides, you see a series of jumps, which can be explained by a very strong whales’ dump. If I continue this idea, Bitmain, on the contrary, should have gained by selling off its portfolio, after the buyout at the lows. Of courses, if this scheme has worked out once, manipulators will apply it further; and so, they are interested in pressing BCH as deep as possible, to the very lows. Holding large stocks of BCH, the whales of such scope can easily do it. In the end, I see an obvious scenario, where BCH will be dumped towards the lows of November, 2017, when Bitcoin Cash was just launched. This level is around 300 USD, to be more precise, at about 280.1. In the one-week chart above, this target is quite clear for all the market participants. If manipulators mange to shake the boat and make bears dump the market down, then, without waiting until BCH price drops to the very lows, they will be systematically buying out Bitcoin Cash, creating another pump in the end. Many media claim that Bitmain puts off the release of its reporting for the second quarter on purpose, trying to conceal the fact of big financial losses. I, personally, think it makes no sense to hide this fact because the huge cryptocurrency accounts of the company became known after the first report. (report photo is here) As it is clear from the report dated March 31, Bitmain held the following assets: Bitcoin Cash – 1.021,316 BCH Bitcoin – 22.082 BTC Litecoin – 930.932 LTC Dash – 312.424 DASH Ethereum – 1.097 ETH According to these figures, it would be stupid to hide the information about the financial losses, as it will obvious for anybody, not even an expert in technical analysis, if they look at the chart of any cryptocurrency asset. If I were Jihan Wu, I would worry that the information about crypto market manipulation might be released in the reports for investors, because it would really damage the company’s reputation; and, in addition, would suggest sanctions by SEC and other regulators. Summary: From a fundamental point of view, Bitcoin Cash is very weak and is likely to go on falling down. BCH price has broken through all the strong key levels and the psychologically important level of 500 USD. According to technical analysis, the target for bears is around 280 USD; however, taking into account the huge amount of manipulators’ funds, they are likely to buy out the cryptocurrency, when its price is close to lows, without letting the majority of speculators join the rocket. In the end, I suggest the BCH price is likely to exit the bearish channel at about 400 USD-360 USD. That is my BCHUSD fundamental analysis; let’s follow Bitcoin Cash rate. Good luck and good profits! Best regards, Mikhail @Hyipov PS. If you agree with the forecast write “+” in the comments, if you don’t agree, put “-”. If you liked the post, just write thank you, and don’t forget to share the post with your friends. It is easy for you and I will be very pleased :) Stay informed on the latest cryptocurrency news, follow my posts in the blog.
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by Hypov
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Bitcoin Cash is the real bitcoin. BCH 7/4 Daily Timeframe UpdateI haven't posted a BCH chart in a while as BTC leads the market. However I've always seen BCH behaving like a fractal and it's really a question of how big is the next fractal going to be? I like what I see thus far. I still believe in a 2018 bull run for BTC and the crypto market. However maybe it will peak in 19. Don't know, the move up is pretty fast, faster than the down trend. Could take 2-4 months. Which means we still may bear a bear market for a few more months. The lightning network is garbage and blockstream crippled BTC by limiting the blocksize. It will take 38 years to load 7 billion LN channels. Nodes are susceptible to regulation as money changers., can go offline, and could clog the mempool when they do. There are many more technical problems with the lightning network, but I brought up a few basics. That and Segwit removes witness data and nodes only verify that 1 node did the work to prove the transaction happened, but then no other node can validate it... Segwit coins aren't exactly bitcoins either. I see it this way if I may make an analogy. The American government was designed so that the citizen, the individual would be the master of the government. This leads to some fundamental ideas on what makes the master a master and a slave a slave. I'll pull this from an economic genius, solomon. You see, whoever has the most gold is king. The king lends his gold to his slaves in order to get more gold through usury. With that in mind consider this solomon proverb. Chapter 22 verse 7 The rich rule over the poor and the borrower is slave to the lender. Now I'm not a book buff and I haven't read that book either. However I learned of that proverb and you know what, economics laws just don't change. It's as true today as it was then. Gold is the money of kings Silver is the money of nobles Barter is the money of peasants Debt is the money of slaves. Did you know, peasants had a lot of free time and vacation time, because even then the ruling party knew to keep the masses happy to keep their power. They had a lot of free time when the fields didn't need tending. Anyways lets get back to the point... The point is the government cannot tax the master, directly or in his income or property. That is exactly what kings do. They are "God", they own all the land, and thus you're the peasant slave that must pay taxes to the kings collectors, the nobles, who in turn pay the king. Direct taxes are against the constitution for good reason. It's the basis of the individual being the master and the government the slave. In 1913 the government was changed to such an extent that no longer were we living in a country called America, home of the free. It became a totally different state that just happens to be called America as well. This is where I make my connection to BCH and BTC. They were based on the same technology. However BTC changed the fundamental economics of consensus by adding another layer on top of bitcoin. Also by adding segwit. Now you have economic incentive that is direct competition with securing the network. Much like direct taxes like the income tax eviscerates the constitution to such an extent that the Income tax payer is the slave, and no longer the master of his government. He works for the state, and the state gains power over him economically and limits his options. Let me ask you this, if you don't know of all the options that could exist, the options you didn't know were taken away. Are you free, or are you slave? Would you know the difference? The lightning network completely eviscerates the laws of bitcoin. It changes economic incentives and there is no way of telling just how it will affect the network. It may destroy the incentive to secure the network by displacing fees, and you may find a much weaker coin supporting a settlement layer that has no true security of it's own. It's security is based on bitcoins hash-rate security. Yet it competes with it's own security.........
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by Mikelikescrypto
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