Bitcoin Cash is accelerating higher after Coinbase announced is would be supporting the 15 November hard fork.
Specifically, the US exchange says it is supporting the bitcoincash.org official roadmap.
If you haven’t been paynig attention, that means Coinbase will be supporting the Bitcoin ABC/Bitmain-aligned software upgrade and not the one from Craig Wright (BCHSV). Catch up on the background here.
It follows news yesterday that Binance would also be supporting the fork.
A Coinbase blog post states:
“We will pause sends and receives on the BCH wallets at Coinbase.com, in our iOS and Android apps, and at Coinbase Pro and Prime beginning at 8:00AM PST on 11/15/2018 (approximately 1 hour before the fork). Please be sure all BCH sends and receives are completed prior to that time. During the pause, your BCH will remain safely at Coinbase”
BCH is trading nearly 25% above its price two days ago, at $545.
With Bitmain probably the world’s largest holder of BCH, the price may be bolstered by the Chinese miner and ASIC manufacturer selling its bitcoin mining rewards for BCH.
The BCH fork war could see at least three chains emerge; the third implementation is associated with Bitcoin Unlimited. Binance, like Coinbase, is supporting the BCHABC hard fork and keeping a watching brief on how the competing chains develop.
Coinbase has not committed to a date for re-enabling sends and receives and instead will monitor the network and communicate with customers once the network reaches consensus.
Hindsight is a wonderful thing. Our 1-hour BCHUSD chart below shows the breakout and the extent of the momentum generated, using a squeeze indicator (thanks to lazybear).
The squeeze indicator is triggered when the Bollinger band range moves outside of the Keltner channel (green). A reading above zero is a buy signal.
That’s great but the question those coming late to the party will want to know is can the gains continue and can they be consolidated. The blue line in the chart is the 200-day exponential moving average.
BCHUSD 1-hour chart with squeeze indicator
Live chart (courtesy of TradingView)
Bitcoin is trading at $6,351 today, up 0.35% on Coinbase. BCH forked from bitcoin in August 2017.