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Bitcoin Cash Slingshots to the Moon?

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  • Thomas Hughes
    ⭐ Features

    The upcoming fork prompted investors to buy Bitcoin Cash in order to benefit from the extra coins created when the fork is complete.

Bitcoin Cash Slingshots to the Moon?
Cover image via u.today

The Bitcoin (BTC) community has been divided on whether to increase block size or not for a long time. The lack of consensus resulted in one hard fork already, a hard fork that gave birth to Bitcoin Cash (BCH).

Now the relatively new crypto BCH is facing the same problem, a lack of consensus, so the Bitcoin Cash Blockchain is set to fork again on the Nov. 15.

The upcoming fork prompted investors to buy BCH in order to benefit from the extra coins created when the fork is complete. Giants Binance and Coinbase added to bullish sentiment by announcing their support for the hard-fork.

Charts at a Glance

image

During the last 7 days BCH/USD has seen its trading volume increase substantially and, maybe more importantly, has climbed 50.60%.  Along with the move, two major psychological barriers were broken, $500 and $600, leaving Bitcoin Cash trading around $631.

The next immediate hurdle is located at 655 which has acted as both support and resistance in the past. Because price has reacted at this level before it will probably show some sort of reaction when it reaches the level again. It must be noted that after consolidating around 415 and then shooting higher, the pair did not retract at all, a fact that took the Relative Strength Index deep into overbought territory on the daily charts. This fact, coupled with the resistance around 655, increases the chance of a retracement from this level that may find support around 590.

Support zone: 590 - 600

Resistance zone: 655

Most likely scenario: touch or even break of 655 followed by bearish retracements

Alternate scenario: break of immediate support, followed by choppy movement with a bearish bias

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About the author

Thomas Hughes is an executive editor of U.Today. He is a skilled cryptocurrency trader and technical analyst deeply immersed into the cryptocurrency & blockchain technology area.

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Binance CEO Changpeng Zhao Denies Opening Office in Beijing

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  • Alex Dovbnya
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    No, Binance doesn't plan to open a Beijing office despite China warming up to crypto

Binance CEO Changpeng Zhao Denies Opening Office in Beijing
Cover image via yotube.com
Contents

During a recent Bloomberg interview, Binance CEO Changpeng Zhao said that the Malta-based exchange didn't have plans to open an office in Beijing. 

"We don't have an office in Beijing. That's a rumor. That's not true."    

When it comes to their strategy in China, CZ says that they will focus on research and development while helping "wherever they can."

"Our strategy is very simple. I think we want to follow the recommendations very closely and we want to promote the Blockchain technology research and development."    

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Binance's homecoming

On Oct. 31, Coindesk reported that Binance was opening a new office in the Chinese capital, citing two anonymous sources. However, Binance didn't confirm this information. 

This came after Binance launched peer-to-peer trading against the Chinese yuan (CNY) on Oct. 9, which signaled that the country might be finally ready for homecoming after leaving China after that crypto clampdown that took place in Sept. 2017.

Back in August 2019, Binance barred its citizens from using more than 100 foreign exchanges, including Binance. 

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Throwing weight behind blockchain

As reported by U.Today, Chinese President Xi Jinping endorsed blockchain, the technology behind the vast majority of cryptocurrencies, which sparked a major crypto rally. 

Following President Xi's comments, the People’s Daily, the mouthpiece of the Communist Party of China, called blockchain a "breaking point" while the country's military newspaper suggested that Chinese soldiers could be rewarded with crypto tokens. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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