Bitcoin cash price reached to higher and moved to a new all-time high at $945 in contrast of US Dollar. There is a short-term connecting bullish trend line which shows the upward trend from $ 794 to $813. There is huge probability the bitcoin cash price will remain uptrend for the next 24-hours and stay in a bracket between $900 to $1000. It might be moved up over $1000 in case of increasing in number of mining and also trading on many exchanges.
Image Credit: Cryptocompare
In recent couple of days the stable of BCH amazing moved above $800. There is an huge impact over bitcoin due to rapidly move up of Bitcoin cash. The highest level trading of BCH was $946, now its on beginning little downside correction, but remain above $810 against the US Dollar.
However, the downside move found support near $700. It was a previous swing high and currently prevented declines below $700. Furthermore, the 38.2% Fib retracement level of the last wave from the $280 low to $946 high also protected further declines. The price is currently trading above $700 and holding ground. There is a short-term connecting bullish trend line forming with support at $740 on the 4-hours chart of BCH/USD. As long as the pair is above the trend line support at $740, there are chances of it moving back towards $940.
Image Credit: Coinmarketcap
At the time of the release of the article, the crypto currency, which is controlled by an alternative version of the bitcoin protocol, reached a maximum of more than $ 940 during today's session, which is more than 70% higher than its price of $ 543 just 24 hours ago .
Growth occurs at a time when the volume of global crypto-exchanges has more than tripled against the background of strong trade by South Korean exchanges. Coinmarketcap data shows that the 24-hour Bitcoin Cash volume was $ 3 billion on Friday, compared with 744 million on Thursday and only $ 106 million on Wednesday.
Nevertheless, the increase in the volume of trading creates its own market in the face of the key problems that have arisen since the hard fork bitcoin occurred on August 1.
Bitcoin Cash (BCH) differs from bitcom (BTC) in that it supports a block size of 8 MB, but it does not have the flexibility of transactions due to the integration of Segregated Witness, and the more pronounced differences in their networks.
While it remains to be seen whether Bitcoin Cash will be able to attract the broad support of crypto-exchanges and miners for the development of its own economy, today's evidence suggests that this can be done much faster than we imagine. There are lot of predicted possibility of it trading towards the $1000 level.