#Bitcoin Price Analysis: BTC/USD Increasing Demand ahead of BCH Hard Fork

Neutral #Bitcoin Price Analysis: BTC/USD Increasing Demand ahead of BCH Hard Fork

Aside from regulatory involvement, uncertainty in other blockchains often draws demand for Bitcoin as a store of value. It did happen before and three days before Bitcoin Cash software upgrade, capital could flow into Bitcoin lifting prices above $6,600 igniting short term bulls aiming for $7,200.

Latest Bitcoin News

Still, Bitcoin Cash is one of the most fluid and valuable coin in the space. Though hash rates and decentralization levels pale in comparison with those of Bitcoin, it is still important to track its development. On Nov 15, a software upgrade could turn chaotic as the chain fork once more-to Bitcoin Cash SV or to Bitcoin Cash ABC. This is free cash for BCH owners and more cash for Bitcoin owners who happen to own Bitcoin Cash following last year's fork. But on focus are expectations of higher high ahead of the fork as funds flow from BCH to Bitcoin and stable coins. In that case we expect BTC/USD to rise as it becomes a temporary store of value and a refuge against volatility.

Also Read: Early Bitcoin Pioneer Speculates Who Nakamoto Is, Gives $100 Million in Asset Away

But even if this is temporarily, it could be the sparks necessary for higher highs now that the political landscape is changing. As results began streaming in following US Mid-term elections, three pro-Crypto in Gavin Newsom, Jared Polis and Boulder would be sworn in. All are crypto friendly and progressive with Gavin Newsom representing California. Their involvement in the national stage is important and they could end push for supportive legislation as the SEC review nine different Bitcoin ETF proposals.

BTC/USD Weekly Analysis

Weekly Chart

Related: Bitcoin Falls to $6,300 Region as Altcoins Continue to Decline

Despite price declines in lower time frames, BTC/USD is technically bullish. It is still in green territory when we take a top-down approach. Most importantly BTC is trending above the main resistance trend line. Moving on we shall retain a BTC/USD bullish outlook suggesting buying on dips in lower time frames as long as it is trading above $6,300 or week ending Oct 21 lows.

This is so because at the moment Bitcoin is ranging and oscillating within a tight $300 range with caps at $6,800 on the upside and $6,300 on the downside. High volume moves in either direction point to underlying bullish or bearish momentum. However, considering the depth of this year's correction, it's likely that bulls would drive above $7,000 thanks to supportive fundamentals as Bitcoin Cash contentious hard fork.

Daily Chart

All Charts Courtesy of Trading View Disclaimer: Views and opinions expressed are those of the author and aren't investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

Even if prices are ranging or printing higher, our BTC/USD trade plan anchors on how prices respond to Oct 15 high volume bull bar. Everything else constant the accumulation of prices inside that bar mean our previous forecasts is true and sooner we could see prices expanding above $6,800-$7,000 resistance zone.

But, before we suggest buys it is important for bulls to reverse recent losses and close above $6,600 and the support trend line cancelling the bear breakout of Oct 29. If not and sellers drive prices lower below $6,300 then odds of further losses below $5,800 or 2018 lows would be high. As a result, we suggest taking a neutral stand until any of our trade conditions are live.

11/12/2018 / 02:15:42 Source: newsbtc

BTC
1 BTC=$3,290.85
XRP
1 XRP=$0.2924
ETH
1 ETH=$86.67
XUC
1 XUC=$2.07
EOS
1 EOS=$2.00
BCH
1 BCH=$80.38

News Feed 50

Coindesk Neutral - A Year Ago Today Bitcoin’s Price Was at a Record $20k read more.
12/17/2018 / 11:20:09
Ccn Neutral - Bear Market Forces Ethereum Startup “Status” to Trim 25% of Its Employees read more.
12/17/2018 / 11:09:16
Ccn Neutral - Japanese Regulators Publish New Cryptocurrency Regulation Draft y Regulation Draft read more.
12/17/2018 / 11:06:23
Livebitcoinnews Neutral - A Decentralized Exchange Leaves 0x; ZRX Co-Founder Responds read more.
12/17/2018 / 11:00:11
Bitcoin.Com Neutral - Hit by Sanctions, Iranian Students in the UK Use Bitcoin to Bypass Banks read more.
12/17/2018 / 10:55:51
Cryptoglobe Neutral - #XRP Price Analysis – December 17 read more.
12/17/2018 / 10:45:00
Livebitcoinnews Neutral - Blame Regulation or Speculator Sell-Off… But the Crypto Community is Responsible for the Most Recent Price Drop read more.
12/17/2018 / 10:30:25
Coinnounce Neutral - Hong Kong tightening Bitcoin laws amidst the cryptocurrency market crash read more.
12/17/2018 / 10:24:20
Coinspeaker Neutral - Facebook Levies an Army of Blockchain Devs: New Crypto Economy on the Way? read more.
12/17/2018 / 10:23:41
Themerkle Neutral - Crypto Arbitrage Today: XMR, ZEC, Dash, TRX, EOS, DOGE read more.
12/17/2018 / 10:18:51
Cryptonewsreview Neutral - The cryptocurrency that’s overtaken Bitcoin as the main target of crypto jackers read more.
12/17/2018 / 10:17:17
Coinspeaker Neutral - #Bitcoin Price Analysis: BTC/USD Trends of December 17–23, 2018 read more.
12/17/2018 / 10:16:50
Coinspeaker Neutral - First Time Ever Ethereum Price Surpasses Bitcoin Cash read more.
12/17/2018 / 10:15:36
Cryptoglobe Neutral - CGCX.io to offer World’s First Blockchain-Based Investment Bank in Partnership with Archipelago Group and IBH Capital read more.
12/17/2018 / 10:15:00
Coindesk Neutral - This Brazilian Bank Is Using Ethereum to Issue a Stablecoin read more.
12/17/2018 / 10:00:49
Livebitcoinnews Neutral - #Ripple Price Analysis: XRP Near Crucial Juncture, Can Buyers Make It? read more.
12/17/2018 / 10:00:41
Newsbtc Neutral - Ethereum Hits Address Milestone But Activity and dApp Usage Down read more.
12/17/2018 / 10:00:35
Bitcoinist Neutral - Bitcoin Price Now Hinges On 50-Month Moving Average read more.
12/17/2018 / 10:00:35
Coinspeaker Neutral - Bitcoin Community Celebrates the Appointment of the New Pro-Crypto White House Chief read more.
12/17/2018 / 09:56:45
Themerkle Positive - Litecoin Price Remains Bullish After Hitting $27.5 read more.
12/17/2018 / 09:53:33
Cryptoglobe Neutral - Crypto Roundup - Facebook working on Blockchain & Crypto to fund the Mexico Wall read more.
12/17/2018 / 09:41:30
Ccn Neutral - Kaspersky Lab Says Cryptojacking Cases Have Risen 400% in 2018 read more.
12/17/2018 / 09:16:16
Cryptonewsreview Neutral - Republican Congressman suggests ‘Wall Coins’ to pay for Trump border barrier read more.
12/17/2018 / 09:08:06
Cryptoglobe Neutral - #Tron (TRX) Price Analysis – December 17 read more.
12/17/2018 / 09:01:46
Coindesk Neutral - Switzerland to Regulate Blockchain Within Existing Financial Laws read more.
12/17/2018 / 09:01:11
Newsbtc Neutral - Binance Incubator Program to Foster Innovation For Blockchain and Crypto read more.
12/17/2018 / 09:00:47
Coinnounce Neutral - Bitcoin Price: How Investor Emotions Affect Crypto Prices read more.
12/17/2018 / 08:24:26
Ccn Neutral - Hong Kong Regulators Set to Tighten Cryptocurrency Laws read more.
12/17/2018 / 08:13:51
Newsbtc Neutral - Cryptocurrency Market Update: Tether Tops Stellar Taking Fourth Spot read more.
12/17/2018 / 08:00:23
Livebitcoinnews Neutral - Former Goldman Sachs Executive-Founded CoinFi Reports on the Importance of Blockchain read more.
12/17/2018 / 08:00:12
Ccn Neutral - Crypto Market Defends $100 Billion But Traders Generally Not Optimistic read more.
12/17/2018 / 07:24:23
Cryptonewsreview Neutral - Have crypto will travel: booking site adds XRP support read more.
12/17/2018 / 07:13:28
Cryptonewsreview Neutral - Report suggests 87% of the trading volumes at top 25 cryptocurrency exchanges could be fake read more.
12/17/2018 / 07:05:17
Newsbtc Neutral - Bitcoin Price Watch: BTC Hesitates, But Recovery Seems Likely read more.
12/17/2018 / 07:00:22
Bitcoin.Com Neutral - Japan Publishes Draft Report of New Cryptocurrency Regulations read more.
12/17/2018 / 06:50:57
Cryptonewsreview Neutral - “Bitcoin is dead”, argues early cryptocurrency millionaire read more.
12/17/2018 / 06:25:38
Ccn Neutral - Ethereum Price Surpasses Bitcoin Cash for First Time Ever read more.
12/17/2018 / 06:16:35
Newsbtc Neutral - #Crypto Market Update: EOS, Bitcoin Cash, Tron (TRX), ADA Price Analysis read more.
12/17/2018 / 06:00:36
99Bitcoins Neutral - Bitcoin News Summary – December 17, 2018 read more.
12/17/2018 / 06:00:29
Cryptonewsreview Neutral - The job to aim for in 2019? That’d be a blockchain developer read more.
12/17/2018 / 05:54:04
Cryptonewsreview Neutral - Bitcoin fan is hired by Donald Trump for senior White House role read more.
12/17/2018 / 05:50:55
Cryptonewsreview Neutral - John McAfee vs Donald Trump for US President? The campaign begins in earnest next month read more.
12/17/2018 / 05:47:53
Livebitcoinnews Neutral - Crypto Bear Market is So Bad That an ICO is Day Trading its Holdings read more.
12/17/2018 / 05:21:44
Coindesk Neutral - Hong Kong Exchange ‘Hesitant’ to Approve Bitmain IPO, Says Source read more.
12/17/2018 / 05:10:30
Newsbtc Neutral - #Ripple Price Analysis: XRP Could Retest Lows Before Higher read more.
12/17/2018 / 05:00:00
Coinnounce Neutral - Bitcoin panic selling made easier by Coinbase read more.
12/17/2018 / 04:41:25
Bitcoin.Com Neutral - BCH Devs Publish Bi-Directional Payment Concept Based on IPFS read more.
12/17/2018 / 04:35:42
Themerkle Neutral - Bitcoin Millionaire Airdrops Millions of Dollars in Hong Kong read more.
12/17/2018 / 04:20:48
Newsbtc Neutral - #Ethereum Price Analysis: ETH Could Turn Bullish Above $90 read more.
12/17/2018 / 04:08:57
Cointelegraph Neutral - Crypto Anarchist Manifesto Author Tim May Dies of Natural Causes, Report read more.
12/17/2018 / 03:04:00
Negative
4.2%
Neutral
94.5%
Positive
1.0%
Mixed
0.2%

Latest comments:

4 min
Hey Sam, how is it going? But I must explain to you how all this mistaken idea of denouncing of a pleasure and praising pain was born
3 min
Pretty good. Doing my homework.. No one rejects, dislikes, or avoids pleasure itself, because it is pleasure, but because
2 min
Any chance to go out? To take a trivial example, which of us ever undertakes laborious physical exercise, except to obtain some advantage
2 min
.. Maybe 40-50 mins. I don't know exactly. On the other hand, we denounce with righteous indignation and dislike men who are so beguiled
1 min
Anyway sounds great! These cases are perfectly simple and easy to distinguish.