Bitcoin cash was born following a 2017 Bitcoin hard fork but BTC couldn’t even make to the second position in crypto industry. A week ago, crypto market faced a horrible crash, causing crypto coins to fell 10% or even more. For Bitcoin Cash it was 20% fell off, which was significant enough to set the course for week. From the statistics, it is obvious that the trend is bearish with prices trading within a bear breakout the flow set in motion in August. Now, the pattern seem to be in reverse order and we can assume a high trend.
Cryptocurrency has four major partsbit: (1) Ability to fix supply (2) Transaction immutability (3) Censorship resistance and (4) Cost of production. The last one plays the biggest role in the process of mining business. It all depends on the margin after costs whether to embark on the mining or not. At the “CoinsBank Blockchain Cruise” Charlie Lee said, Bitcoin cash miners would have no reason to mine Bitcoin Cash. Should Bitcoin decide to launch what he calls a miner attack?
He further add that, Bitcoin and Bitcoin cash miners use the same equipment but with a low hash rate in the Bitcoin Cash network. Currently, BCH network hash rate stands at around 3.6 EH/s – which is seven percent that of Bitcoin – and a difficulty level of 565G. He consider miner attack from Bitcoin miners would be ‘waste’ of time and it will take only 20 days for Bitcoin cash to vanish.
According to news, some big firms are partnering with payment processor BitPay. Post Oak Motor cars owned by Tilman Fertitta now accept payment in Bitcoin and Bitcoin Cash for Bugatti. Bently and Rolls-Royce are already working on agreement with Bitpay. Last week ending bear breakout pattern. Since prices did reverse from $600, main resistance trend line and former support line, cancelling the three bar reversal pattern of week.
Bitcoin cash price is trading at the third phase right now, the trend resumption phase. After rejecting the higher highs on September 5, at least the decline has been steady. On the charts, we have these series of lower lows. This pattern suggest that the best way to sync with the trend, is to liquidate Bitcoin cash on every high with targets at $300. At the time of writing, 1 Bitcoin cash is equal to $444.99