Tanya Abrosimova
Independent Analyst
- Bitcoin Cash is back above $1,000, but not out of the woods yet.
- Canadian businessman calls BCH a scam while speaking in Parliament.
Bitcoin Cash is back above $1,000 threshold, which is a big deal for this crypto coin as it means that it regained the ground lost during the recent crash. From the technical point of view, BCH/USD upside is limited by 50-DMA at $1,200 with the ultimate bullish target at $1,755, which coincides with 61/8% Fibonacci retracement level and 100-DMA.
On the intraday time frame, BCH/USD is obviously stuck at $1,100, with the long-legged Doji candle, signaling that the bulls are exhausted at this stage. If the coin fails to extend the upside and to the above said $1,200 resistance line, the sell-off will resume with the first targets at $1,000 and $960 (100-SMA on the hourly chart).
Canadian tech entrepreneur Jonathan Hamel called Bitcoin Cash a scam while testifying before House of Commons Standard Committee on Finance on Monday. The businessman drew the attention of the lawmakers to certain cryptocurrencies, including BCH.
“Pay close attention, other cryptocurrencies are downright scams, like BCash," he told the Parliament without going into details, why this very coin is a scam.
Essentially, this looks like a part of the broader battle between BCH and BTC supporters, who fight for the title of "true bitcoin." Bitcoin Cash, that forked form Bitcoin blockchain in August 2017, is supported by many famous crypto enthusiasts, including Roger Ver.
BCH/USD, the hourly chart
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