OKCoin exchange delisted BCH and BSV

While Bitcoin rose past a market cap of $ 1 trillion, its two forks, BSV and BCH, were removed by cryptocurrency exchange OKCoin.

In a blog post today, OKCoin CEO Hong Fang explained the decision to delist was because he wanted to focus on protecting investors from the war of malicious misinformation.

Fang notes that the exchange regularly reviews the assets listed on multiple indices, “including ecosystem characteristics and development” as well as “red signs of morality or reputation” and two forks. This has been deleted after the most recent review. However, given the “unique history and background”, Fang said that the company felt compelled to explain their decision.

“When it was reported that Craig Wright – who claimed to be Satoshi Nakamoto and a BSV supporter – was taking actions to enforce the copyright claims on the Bitcoin whitepaper, we found ourselves facing a situation. very annoying dilemma, ”wrote the OKCoin post.

Although Fang pointed out that the company believes “Bitcoin is an open software” and both disagreements between individuals and hard forks are allowed in the open software landscape, in the end “we ran into difficulty. ignoring the war of malicious misinformation waged by Craig Wright and other senior members of the BCH and BSV communities. “

“We see both of these as devastating for Bitcoin – the cornerstone of our industry. Before we had a better way to separate both BSVs from Wright’s attack on the open source community, and to differentiate these two derivative protocols from the native Bitcoin on the platform, we felt more comfortable removing them. “, Fang concluded.

OKCoin, an OKEx sister exchange established in the US has a daily trading volume of $ 50 million, with BTC accounting for 70% of that volume. Prior to the announcement, BSV only accounted for $ 30,000 and BCH was $ 150,000 in daily trading volume, both of which are in lower ranges among the 32 assets OKCoin offers, according to Coingecko.

BCH had a year of ups and downs leading to delisting. Earlier this month, Dogecoin’s strong price surge pushed BCH out of the list of top 10 assets by market capitalization, although in December of last year businessman Kim Dotcom called for a $ 3,000 price target for per coin. BCH has risen 70% for the year to $ 724 at press time.

BSV had a tougher year when the price dropped 20% to 250 USD. However, the coin has had some positive press lately following Jimmy Nguyen’s appearance on Fox Business, and the project also enjoys strong support from Chinese users.

Bitcoin Cash (BCH) exploded, targeting $ 850 levels

Throughout the past week, the Bitcoin Cash (BCH) price has risen from the $ 600 support level and has risen significantly.

Bitcoin Cash is expected to continue to rise to as little as $ 850 and is likely to move higher thereafter.

Long-term level of Bitcoin Cash

The weekly chart shows that BCH has risen significantly during the week from February 8 to 15 to reach a high of $ 754. This is the highest price for BCH since July 2018.

Despite the rise, BCH remains far from the main resistance zone at $ 1,160. This is both the 0.618 Fib retracement level of the previous down move and the horizontal resistance zone. If successful in a move above it, the next resistance level will be found at $ 1,840.

Despite bearish divergences in the weekly RSI, both the MACD and the Stochastic Oscillator are moving up. RSI is still trending up above 70.

The trend looks bullish, and BCH is likely to reach the $ 1,160 resistance zone.

Trader TheEuroSniper says that BCH has lagged behind a lot and will catch up to the rest of the market soon. He has outlined a strong resistance zone near $ 1,600. Levels are found between the two resistance zones we mentioned above.

The daily chart also supports the continuation of the uptrend. It shows a break above the $ 600 resistance zone and confirms support on Feb. 15. It left a very long lower shadow after that.

MACD, RSI, Stochastic Oscillator are all increasing, indicating an uptrend and BCH is likely to move higher.

Wave count

The number of waves shows that BCH is in wave three (in white) of a long-term bullish momentum that started in December 2020.

The sub-wave count is shown in orange and shows that BCH is in the fifth and final sub-wave.

The most likely target for this move is in the range of $ 850- $ 860. This range is found using the length of wave one (white) and the length of wave 1 (in white) and the length of wave 1. -3 shines to the bottom of the fourth wave (orange).

BCH / BTC

The BCH / BTC chart shows the price has been moving along the descending resistance line since March 2019. Currently, this line coincides with the resistance zone of 0.025. As long as BCH is still trading below this line, we cannot see the trend as bullish.

However, technical indicators show that the trend is likely to reverse. The weekly RSI produced a significant bullish divergence, the Stochastic Oscillator produced a bullish cross and the MACD histogram just crossed the positive zone.

Hence, BCH is expected to rise towards 0.025 and a breakout is likely. If so, the next resistance zone will be found at 0.046.

Conclude

Bitcoin Cash is expected to continue rising to $ 850 and a breakout above this is likely.

BCH / BTC is expected to rise towards 0.025 and a flare-up to strike the 0.046 level.