Bitcoin cash (BCHUSD) Analysis and Forecast (Wed, Oct 3rd, 2018): Third corrective wave is coming

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Once again, Bitmain added upward pressures on Bitcoin Cash

From the news we have:

Announced on Monday, a Bitcoin cash wallet startup called Telescope has been acquired by Bitmain - one of the largest cryptocurrency mining companies. The browser-based wallet which can operate instant transactions on Bitcoin Cash was launched by Telescope earlier this year. Since when, this add-on have found workable on Google Chrome and Mozilla Firefox.

Bitmain is believed to have a strong support to Bitcoin Cash and this mining giant has applied for an Initial Public Offering (IPO) to Hong Kong Stock Exchange (HKEX) one week ago. The firm was supposed to have sold off their Bitcoin for Bitcoin Cash in order to prepare for their ICO.

Bitcoin Cash had inched up a little after the reported announcement before continuously dipping low. The Bitcoin’s hard-fork cryptocurrency is heading downwards, to a relatively solid support of $500.

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Bitcoin cash (BCHUSD) H4 chart on October 4th, 2018

The second Elliott corrective wave marked with (B) is expected to end around this threshold, then Bitcoin Cash will enter the third wave marked with (C). In case that the buyers can’t hold this support, the price may found its ground at $460.

Written by nami.today

 

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