Bitcoin Cash Price Analysis: BCH/USD Looks Favorable for Upside Despite No Gemini Support and Jimmy Song Trash Talk
- Bitcoin Cash technical price developments look supportive of further upside momentum.
- Gemini adds Litecoin support, but not Bitcoin Cash for now. Jimmy Song says Bitcoin Cash has no reason to exist.
Bitcoin Cash News Flow
Gemini, the cryptocurrency exchange founded by the Winklevoss twins, recently added Litecoin support. In terms of Bitcoin Cash, Gemini said it expects to announce support for the crypto, however, for now details about when remain unknown. They explained that the possibility of Bitcoin Cash hard forks due in the middle of November, are part of reasoning for the delay. Winklevoss were quoted saying, “Some of those forks lack the replay protection feature that would be required for Gemini to safely support Bitcoin Cash. Because of this situation, we are delaying our launch of Bitcoin Cash deposits, withdrawals, and trading until late November. After the forks have passed and we can evaluate the health of the Bitcoin Cash ecosystem.”
Elsewhere, closely followed Bitcoin Educator and Developer, Jimmy Song, was recently commenting on Bitcoin Cash. In an interview with Crypto Insider, Song made a very bold statement. He made it clear that in his view, Bitcoin Cash is worthless. He said, “BCH has no reason to exist, I wrote an article called “Bitcoin Cash is fiat money,” please go read that if you want to see my arguments about why I think Bitcoin Cash is worthless or it doesn’t really have any value to anybody.
Regardless of the two above stories relating to Bitcoin Cash, neither have had any negative impact on the price. The recent technical price developments look in favor of the bulls, this will become clearer over the coming days.
Technical Review – Daily Chart
Despite the chunky downside pressure that hit the crypto market wide on 11th October, BCH/USD daily chart remains encouraging. Back on the 26th-27th September, the bulls managed to push for a big break above a descending trend line. This has been containing the price since the back end of July. BCH/USD had been contained from real upside potential, dropping over 50%, while being dictated by this resistance. During the downturn as mentioned on 11th October, the breached descending trend line, acted firmly as a new area of support. This demonstrated a breakout and retest, which looks somewhat promising for another potential bull run.
In terms of upside targets, $500 should not be too much of a challenge reclaiming, however, it is what is further ahead which could cause some issues. Choppy supply is seen from the range of $505 up to $605. Enough bullish momentum should take the price above, which would meet the next area of sellers, $660. The price faltered here between the 2-4 September. Sending BCH/USD down with quite some force, back within the $400 territory. Ultimately, the bulls will be looking to reverse the downward trend, from the dictation of the above-mentioned descending trend line. Highs on 25th July up at $880, before the sell-off will then be eyed.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.