August 10, 2018 04:13:33
Bitcoin Cash may have broken below a long-term descending triangle bottom but it appears to be drawing support from the latest developments. Dish Network and Flow.io recently announced partnerships with Bitpay, which supports Bitcoin Cash transactions.
Price bounced off the lows at $566 and may be due for a climb back inside the triangle or at least until the Fibonacci retracement levels. The broken triangle support lines up with the 38.2% Fib, which might be enough to cap gains. The 61.8% Fib is in line with the triangle resistance and the moving averages’ dynamic inflection points.
On the subject of moving averages, the 100 SMA is crossing below the longer-term 200 SMA as of this writing, signaling a possible pickup in bearish momentum. This means that the downtrend is more likely to persist, likely taking Bitcoin Cash lower by the same height as the triangle pattern.
Then again, RSI is pulling up from oversold territory to reflect a return in bullish pressure. Similarly stochastic is moving north so Bitcoin Cash could follow suit. Strong bullish momentum could take it past the triangle top and swing high near $850 before confirming that an uptrend is happening.
Bitcoin Cash is expanding its acceptance in mainstream markets with the Bitpay integration into Dish Network’s payment options. Clients can now use Bitcoin Cash to pay monthly subscriptions or pay-per-view shows. John Swieringa, Dish executive vice president, said that their reason for accepting BCH is the same as the one for BTC in the past:
We’ve added Bitcoin Cash just as we chose to accept Bitcoin to serve customers who have adopted a new way of doing business. We have a steady volume of customers paying with cryptocurrency each month, and Bitpay will allow us to continue offering more choice and convenience to our customers.