- Bitcoin Cash continues sliding amid hard fork disputes.
- PitPay announced the support for Bitcoin ABC version.
Bitcoin Cash, the fourth largest digital asset with market value $9B, is trading at $524, down over 18% since the recent peak reached at $664 on November 7. The coin has lost 3.5% in recent 24 hours and became the worst-performer of the day out of top-20 coins.
The fork is going to be messy
The Bitcoin cash community is getting ready for a hard fork scheduled on November 15. The upcoming event caused a strong BCH rally during the previous week. The coin jumped to $647.17 high in a matter of days as the market was agitated by the split. However, the deep disagreements between the key developers and Bitcoin Cash ideologists cast doubts on the future of the coin and suggest that the event may turn out to be messy.
Recently, the cryptocurrency processing service PitPay announced that it would support the traditional implementation of Bitcoin Cash Software known as Bitcoin ABC.
“BitPay’s system uses the primary software implementation of Bitcoin Cash called Bitcoin ABC. Bitcoin ABC has scheduled a Bitcoin Cash protocol change via hard fork on November 15th.
While non-backward-compatible hard forks allow for rapid protocol innovation, they also carry a risk of creating a permanent split in a network. It is possible that Bitcoin Cash will experience this kind of split. This would create two versions of the Bitcoin Cash chain, resulting in disruptions for Bitcoin Cash payments,” the company wrote in an official press release.
A number of other large industry players, including Coinbase, OKEx, and Binance, also support Bitcoin ABC, while a cryptocurrency exchange Poloniex will support both chains of Bitcoin Cash.
Bitcoin Cash technical picture
Looking technically, BCH/USD is supported by DMA50 and DMA100 ($512 and $493 respectively). A sustainable move lower will negate positive outlook and return the coin within the previous consolidation channel with the next bearish target at $414-$400 congestion area. The Relative Strength Index point to the South, confirming the bearish scenario.
On the upside, the resistance is created by $580, followed by the recent high of $647.17, and the critical $700.
BCH/USD, the daily chart
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