- Bitcoin Cash price upside movements cut short under $380.
- The path of least resistance remains to the south as BCH/USD seeks support at $370.
Bitcoin Cash losses are in tandem with the rest of the cryptocurrencies. For instance, Bitcoin is trading under $9,600 after the rejection at levels close to $10,000. Ethereum and Ripple are also languishing in selling pressure.
BCH/USD has adjusted lower from $378.34 (opening value) to trade at $373.11 (market value). An attempt to pull upwards has been capped under $380 with $379.45 being the intraday high achieved so far.
Bitcoin Cash in the spotlight over $30 million alleged hack
Bitcoin Cash has quickly become a subject of interest barely a couple of weeks since the development tax saga. However, this time a major investor, Josh Jones claims that he lost $30 million in a wallet hack. The founder of Dreamhost, added that the attacker also made away with 1,500 BTC. The funds disappeared after his SIM card was compromised but the exact way the activity was carried out is yet to be identified. Jones raised an alarm on Reddit asking miners to come to his rescue.
It’s only had 3 confirmations, if any miners/the community can help somehow, I’ve got the private keys. Help help help.. Big reward obviously.
The above Reddit post has been deleted but the community is wary that the impact of the hack could go beyond Jones. Dovey Wan, a founding partner at Primitive Ventures took to Twitter saying that “all these will mark a slow death of it (BCH).”
Bitcoin Cash technical picture
Bitcoin Cash price upside is limited under $380 as well as the descending trendline resistance. The path of the least resistance remains to the south amid growing selling activities. The price is also trading beneath the moving averages where the 100 SMA is standing in the way of upward movement at $382.29 and the 50 SMA on the 1-hour chart at $388.12. Bearish pressure is emphasized by the downward sloping RSI as well as the MACD (currently stuck in the negative region). The key support between $350 and $360 is also intact and would continue to anchor the price in the short term.
BCH/USD 1-hour chart
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