Bitcoin Cash halving has no impact on price action
With the Bitcoin halving being just one month away you could forgive people for forgetting about Bitcoin Cash and its own block reward halving, which actually happened today.
Miners will now receive 6.25 BCH per block as opposed to 12.5 BCH per block, which theoretically means the price would need to double for mining to remain as profitable.
However, Bitcoin Cash is now 5.68% down over the past four hours despite block rewards being slashed, leaving a sour taste in mouths of investors.
The difference between the Bitcoin halving in May and the Bitcoin Cash halving is that miners are more inclined to mine Bitcoin due to its value being $7,250 compared to Bitcoin Cash, which is worth just $263.
In terms of the technical aspect of Bitcoin Cash’s chart it desperately needs to break above and close today’s daily candle above the daily 200 moving average for the first time since March 8.
So far today it spiked up to the $282 level of resistance after slumping back down below the 200 MA at $268, indicating a clear lack of strength and momentum.
It will now likely fall back and test the $238 level of support before embarking on its next major move, although in light of its performance since the turn of the year a move to the downside seems more likely.
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