Bitcoin Cash price analysis: BCH/USD resumes uptrend; South Africa Reserve Bank finalizes testing of JPMorgan’s ‘Quorum’ protocol
|- Bitcoin Cash price is currently forming a bullish flag pattern that is battling to find support above $1,125.
- The SARB has tokenized the South African Rand on the Distributed Ledger Technology (DLT).
The latest slide which started in the early trading hours of Monday this week was supported by both the 50 SMA and the bullish trendline. A brief but sharp ascent occurred during the session on Tuesday, but selling pressure limited the gains marginally above $1,150. Bitcoin Cash price is currently forming a bullish flag pattern that is battling to find support above $1,125.
In other news in the market, the South African Reserve Bank (SARB) has announced that it has completed piloting ‘Project Khokha’. The bank has been testing the working of a Proof-of-Concept algorithm that it intends to use when conducting interbank money transfer. The protocol, ‘Quorum’ is a product of JPMorgan developed on Ethereum platform. The SARB has tokenized the South African Rand on the Distributed Ledger Technology (DLT). While the project has been accorded a lot of time and expertise, the Bank Governor, Francois E. Groepe has clarified more than once that it is only meant as a backup solution.
Technically, Bitcoin Cash is facing immediate resistance at $1,150, but the bullish flag pattern could lead to an upside breakout which will attack $1,200. However, the moving averages show that the buyers are slowly losing grip. Furthermore, the MACD is heading towards the negative region on the 1-hour chart. The 100 SMA could offer support above $1,100, however, the zone at $1,075 - $1,050 will prevent declines towards $1,000.
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