❇️Bitcoin Cash (BCH) is another cryptocurrency that is a fork of the original Bitcoin ( BTC ). It split from Bitcoin in August 2017. These two coins are very similar, but the main difference between BCH versus BTC is that BCH has an increased block size. The increase in block size (from 1 MB to 8 MB at the time of the fork - and now to 32 MB as of May 2018) means that more transactions can be processed within a single block.
Another difference is that BCH does not implement Segregated Witness (Segwit), which is among the proposed scaling solutions for BTC . BCH keeps the original code from BTC (before BTC implemented Segwit). The main goal of BCH is to process transactions at an increased volume while reducing fees, hence on-chain BCH transaction fees are cheaper than on-chain BTC fees.
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❇️Quick Technical Analysis ( February 3)
Bitcoin Cash price recovery wave with its key resistance in the form of a 8week moving average ( EMA 8- white line in the chart) at $ 416. This shows the sellers' efforts to defend this level. If the price turns and goes below the support area of $ 353 to $ 370, there is a possibility that the price will fall to the support of $ 275.
On the other hand, if buyers push the price above the downtrend line, the price is likely to rise to $ 539 and above it to $ 630. If the price moves above this resistance it have the possibility to continue strong bullish senario, also it will be a possibility of price fluctuations in the consolidation phase for a week or more.
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👉This analysis is my personal opinion and you are responsible for your own trades or invests.
❤️with Best Regards and successful trades.
