Hey Everyone! First things first, remember to LIKE & SHARE
as always :)
BCH is retracing after a massive 22% surge last week. There is much uncertainty in the market as to what the HARD FORK means for BCH. Twice a year the BitcoinCash network HARD FORKS as part of a scheduled network upgrade, so this is NORMAL, except this time it is quite a contentious issue for some people in the community. A hard fork is basically an irreversible upgrade to the BLOCKCHAIN. This is how BCH was born, as a Hard Fork of Bitcoin
. So what happens is the mining power moves to the new coin, in the case of previous Hard Forks for BCH the miners have followed and supported the forks so therefore an additional coin was not created. The HASH Power simply followed the Fork.
But NOT this time. Due to disagreements within different factions of BCH, this FORK is causing a complete split, and the miners are not all following BCH to the new chain as they have on previous forks.
There is currently 3 possibilities on how the system will be Hark Forked.
'BITCOINABC' - offering new features such as Smart Contracts (much like Ethereum
Services and Improved scalability.
'BITCOINSV' - want to completely replace BCH scripts with their own and increase block size 32mb to max 128mb
'BITCOINUNLIMITED' - this is the peace maker - proposed by Andrew Stone, to implement the features of both ABC
to the same coin.
AN AGREEMENT MUST BE REACHED BY 15th NOVEMBER.
YOU MUST BE HOLDING COINS TO RECEIVE THE NEW COINS
Many exchanges are supporting the hard fork. Please do your research as to which exchanges are supporting. Bitcoin Cash
trading will more than likely be suspended during the hard fork to wait and see which chain is the dominant chain in this situation.
I stress - you must be HOLDING BITCOIN CASH
to receive the split chain coins.
The pattern on the chart as I currently see it, is in a 4th wave retrace and is missing a 5th wave. %th wave will only be achieved with a surge in buy volume
REMEMBER IF YOU ARE PRACTICING SAFE... TRADING ALWAYS USE PROTECTION
(minimise your risk, use a stop loss. Especially in Margin Trades) ALWAYS!!!!!!!!!!!!!!!!!!!
The Legal stuff - I'm not financial adviser. Just a few quick thoughts - remember you sit at your computer, you push the buttons...
PS make sure you give me a like, that way you get updates as I post them.... :) <3