Bitcoin extended its losses earlier during today’s Asian session, testing the key support level and 50% Fibonacci retracement level of $5,560. Meanwhile, Bitcoin cash (BCH), saw a massive spike during the first hours of trading, reaching $2,800 versus the USD, before pulling back down to the $1,400 area. The crazy swings come in the wake of last week’s cancellation of a ‘hard fork,’ or forced split, of Bitcoin. The proposed fork would have created a new version of Bitcoin, known tentatively as Bitcoin 2x after the upgrade plan behind it, Segwit2x. Bitcoin Cash appears to be attracting investors and network operators, or miners, who had supported the 2x fork. The next support level for BTC/USD is set at 61% Fibonacci level of $4,990. On the other hand, Bitcoin’s cousin, Ethereum was little changed, and mildly down as it consolidated above the flat daily setup of the Ichimoku Kinko Hyo’s cloud. Thanks for watching, invest responsibly, and I’ll see you with more updates tomorrow.
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