In less than a day since its launch, Bitcoin Cash (BCC or BCH) has reached third place among cryptocurrencies in terms of market cap. At the time of writing, Bitcoin Cash is worth 7.254bn USD compared to Bitcoin’s (BTC) 45.433bn USD. With the appearance of the new cryptocurrency, Bitcoin’s market share has dropped to 44.6%.
Technical picture: On the Bitfinex exchange, the BHCUSD rate rose to 693 USD on its first day of trading. As buyers started to fizzle out, people started profit-taking on long positions. During a major downwards correction, Bitcoin Cash fell against the US dollar to 295.11 USD. This marks a drop below the currency’s opening price on the exchange of 400 USD.
And now, we move on to the good old original Bitcoin (BTC). Sellers have been unable to break the support at 2,582 – 2,610 USD. Volatility has now subsided. From 2,610 USD, the BTCUSD rate has restored to the 2,752 USD resistance. It’s now time for market participants to decide on the direction of movement. Sharp rebounds from 2,600 USD are indicative of a strong support, which buyers are ready to defend until the final stages of SegWit are completed. If 2,758 USD gets broken, I expect quotes to rise to 2,806 USD. If there aren’t any sharp rebounds from here, we can set a target above 2,893 USD.
BTCUSD rate on the hourly, Bitfinex exchange. Source: TradingView