Bitcoin Cash lead developer, Amaury Sechet says BCH will “scale to VISA levels”: Bitcoin Cash price eyes upper supply zone at $900
|- Bitcoin Cash has the capability to achieve “as many transactions as Visa does in one second” according to Amaury Sechet.
- BCH/USD is flirting with the 61.8% Fibo after attempts to recoil above $880 were unsuccessful.
Bitcoin Cash was hard forked from Bitcoin Core in August 2017 and the main reason for the fork was because the Bitcoin community could not come to a consensus on the parameters to alter in order to reduce transaction processing time and the costs that kept on rising.
Amaury Sechet said during the CoinGeek conference on June 10 this year that they decided on a block interval for BCH to be at least 2 minutes. This gives the miners ample time to validate transactions as well as have them uploaded on the ledger. Basing on this parameters, Amaury Sechet said that Bitcoin Cash has the capability to achieve “as many transactions as Visa does in one second.” The developer said, as opposed to Bitcoin which has chosen to remain rigid, Bitcoin Cash team will continue making the network better for sending and receiving funds. He also added that they continuously listen to the suggestions that come from the community.
Bitcoin Cash price analysis
Bitcoin Cash price, while using $840 as a support zone, sharply ascended during the trading session on Thursday. It traded above the 38.2% Fib retracement level with the last high leg of $947 and a low of $801. However, the bears entered and stopped the gains slightly below the supply zone $900. At the moment, BCH/USD is flirting with the 61.8% Fibo after attempts to recoil above $880 were unsuccessful.
A bullish trend has returned, although it is weak. The 50 SMA is nearing to cross above the 100 SMA. Trading above $880, on the other hand, will pave the way for Bitcoin Cash to approach $900. On the flipside, the stochastic shows bearish signals in the near-term. The bullish trendline offers immediate support above the stronger support area at $840 (yesterday’s key support).
BCH/USD 15-minutes chart
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