Bitcoin Cash hard fork D-day: BCH/USD rebounds
|- “An SV miner can even legally kill off a chain. That is the miner’s right. This is what bitcoin is” Craig Wright.
- Bitcoin Cash price finds support at $420 followed by a bounced above $460.
The civil war in the Bitcoin Cash community is expected to reach a conclusion on Thursday 15. The community split into two different camps supporting diverging changes in the network’s upgrade. This warranted a hard fork that will see a couple of implementations; Bitcoin ABC and Bitcoin SV.
The civil war is being currently referred to as the “hash war’ has seen various mining pools show their support for either of the two chains. Besides, the war between the two chains is expected to continue even after the fork. The founder of nChain a firm that is behind BitcoinnSV, Craig Wright reckons that “an SV miner can even legally kill off a chain. That is the miner’s right. This is what bitcoin is.”
Bitcoin Cash price technical picture
Bitcoin Cash (BCH) existence is currently threatened by the hard fork especially if Craig Wright wins. A few hours before Bitcoin Cash protocol undergoes a historic upgrade, the token has declined 32% in a single week. However, after finding a support at $420, BCH/USD has bounced back and trading at $463.
The price has reclaimed its position in the descending channel, and the buyers have their eyes glued on $500. Bitcoin Cash will encounter resistance at $480, the 50 SMA (hourly chart). The price seems composed ahead of the hard fork while signals from the indicators are positive. The fast stochastic oscillator has entered the overbought levels while the MACD has changed direction upwards. Bitcoin Cash is likely to continue grinding higher and its position in the market will be determined in the weeks following the hard fork event.
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