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Bitcoin Cash reverses bullishly towards $400 after testing the support at $350.
Developers, miners and business in the Bitcoin cash network prefer a “minimally-altered client based on Bitcoin ABC.”
Bitcoin Cash explored the region at $350 as I discussed in the previous article. However, the bulls quickly entered the market ready to buy low and push the price upwards. BCH/USD is already in the green on Friday towards the end of the Asian session. It is up 2% after adjusting from an intraday high of $382. Cryptocurrency live rates table shows that the existing trend is bullish but the shrinking volatility could limit the movements towards $400.
A faction of well-established Bitcoin Cash software developers on February 19th made public a new Bitcoin Cash node that comes with the Infrastructure Funding Plan (IFP) purged from the codebase. Freetrader, the developer released the news on the read.cash platform cited increased demand from businesses, miners as well as developers who preferred a “minimally-altered client based on Bitcoin ABC.”
The news comes amid growing disagreements regarding a development tax proposed to be charged on all miners. Bitcoin.com has already distanced itself from the 12.5% tax proposed earlier this month. However, Bitcoin ABC has come up with a new proposal that wants to cut the proposed tax to 5%. Contractions are fast mounting within the network and the situation is expected to escalate as the next software upgrade approaches. According to Free Trader:
The primary goal of this initiative is to provide a safe and professional node implementation that will neutrally follow the longest chain without contributing to the risk of a chain split.
Bitcoin Cash technical picture
Looking at the 1-hour chart, Bitcoin Cash is largely in the hands of the bulls. Various technical indicators including the RSI and the momentum signal confirm the bullish scenario. However, the downward sloping channel is likely to limit movements eyeing $400 in addition to the resistance at the 23.6% Fib level and the 50SMA currently at $391.59. Growth above $400 could eventually place Bitcoin Cash in a trajectory towards $500.