- Market players are nervous ahead of the upcoming fork.
- Binance publishes its roadmap.
Bitcoin Cash hard fork is about to take place within less than 24 hours and the unknown outcome makes the market players nervous. BCH/USD is currently changing hands at $432, down 17.7% since this time on Wednesday and down 5% since the start of the day.
While it is hard to predict, how the things will pan out, market players, including some large exchanges, are getting ready for different outcomes.
Binance has published an announcement, outlining the possible scenarios of the upcoming hard fork.
If the fork does not result in a new coin, Binance will resume trading with original BCH pair. However, if the second coin is created, all Bitcoin Cash pairs will be replaced with BCHABC, while user accounts will be deposited with the new coin in the amount equal to their BCH balance at the time of the snapshot.
“To support the upcoming Bitcoin Cash hard fork, Binance will take a snapshot of all Bitcoin Cash balances at UNIX time 1542300000, 2018/11/15 4:40:00 PM (UTC). Deposits and withdrawals of Bitcoin Cash will be suspended starting from 2018/11/15 3:00:00 PM (UTC). Please leave sufficient time for deposits to be processed in full prior to this time. We will handle all technical requirements involved for all users holding Bitcoin Cash in their Binance accounts,” the company wrote in its official announcement.
From the technical point of view, BCH/USD stays above 2018 low registered at $410 (September 12). A messy hard form may lead to more sell-off, so if $410-$400 area is broken, the coin might collapse even further with the initial aim at $322 (the lowest level since October 2017). However, considering that the coin is strongly oversold, a rebound from the above said support zone looks likely with the initial aim at $482 (SMA200, 4-hour), followed by $500.
What will happen if $400 gives in – click here to find the answer.
BCH/USD, 4-hour chart
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