Bitcoin Cash price analysis: BCH/USD extends declines; Bitcoin Cash research center acquires nChain, a contactless platform for BCH
|- “For Bitcoin Cash to grow, user interfaces need to become better and easier to use…,” said nChain CEO, Jimmy Nguyen.
- Indicators show that Bitcoin Cash could continue testing the waters downstream.
The cryptocurrency market is in the middle of another selloff with the majority of the coins and altcoins correcting lower on Tuesday. Bitcoin Cash price has not been left out, it is down 4% on the day and testing the short-term support at $1,170. The price fell into a descending channel on the 15’ timeframe chart after encountering stiff selling pressure slightly above $1,300. Indicators on the charts are signalling for more selling entries in the near-term and BCH/USD could continue testing how far the downstream is.
In other news, a research center that is focused on Bitcoin Cash has bought the majority stake in a firm that specializes in offering BCH contactless payments as well as a Bitcoin Cash mobile wallet. nChain mobile wallet is referred to as HandCash and utilizes near-field technology to perform instant payments for crypto assets. The CEO of nChain, Jimmy Nguyen said in a comment:
“For Bitcoin Cash to grow, user interfaces need to become better and easier to use. We are impressed with HandCash and its vision for simplifying the Bitcoin Cash transaction process to a contactless approach.”
Bitcoin Cash price is attempting to break past the immediate resistance at $1,180, although the major hurdle for BCH/USD is at $1,200. A short-term support is highlighted at $1,170, but if declines continue $1,150 is a major support zone.
BCH/USD 15' chart
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