Crypto markets have been ranging in price for the past few months with only a few altcoins changing price significantly. The silence in price fundamental seems to be taking a new turn for Bitcoin Cash in the past few days following a proposal release by Amaury Sechet. In the release, BCH points towards the probability of releasing a new protocol ‘Pre-Consensus’ and has sparked debate within its community.
The proposal posted on Bitcoin ABC’s lead developer twitter handle has been hyped by the re-known developer. He argues that the protocol is suited for the BCH blockchain ecosystem and would be beneficial in the long run.
Pre-Consensus is set to give participants more power within the BCH platform by giving the option of deciding what future blocks should look like. The new infrastructure will have the ability to define features of an upcoming block based on its embedded technology. Mr. Sechet’s most recent publication indicates that the idea is not an overnight thought,
“Even before Bitcoin Cash was a thing, I was promoting the idea of pre-consensus — This refers to a set of technologies allowing network participants to agree as much as possible on what the next block is going to look like,”
Bitcoin Cash community is positive towards the Pre-Consensus protocol and the majority support Mr. Sechet’s proposal. The logic behind is that the protocol will solve scalability issues and accelerate the adoption of Bitcoin Cash within crypto markets. In addition, Ryan Charles who is the current Yours.org CEO has signaled positive sentiments towards the proposal by Sechet.
However, this proposal has not been welcomed by everyone within the crypto arena. Craig Wright, Chief Scientist Nchain is among the top critics of the Pre-Consensus protocol,
“No hash goes to this crap — They want it, they fork it, without us,” “Without the apps using our code, our IP etc. — Without the companies, we have invested in.”
BCH Price & Market Range Analysis
BCH price is forming higher lows in the 30 minutes candlestick against the USD and has established a support at $781 in Bitfinex.
The altcoin has broken above an initial $792 resistance level and seems to be forming resistance above the $820 level right now.
Its market cap is past $14 billion at the moment, a significant 4.63% of the total crypto market. BCH is currently position 4 out of over 1500 cryptocurrencies.
BCH Price Action
BCH price has been on an uptrend in the past week gaining 5.41% to exchange at $816.54 against the USD. The price has broken a couple resistance levels following a rally in the market this week. Its Fibonacci retracement levels signal a bullish market having broken the 23.66% retracement experienced in the previous drop from $890. The Relative Strength and stochastic indicators show that the market is neutral at the moment with an exception of the 5 minute stochastic K that indicates and oversold market. Simple and Exponential moving averages indicate a bearish market for the 5 & 15 minutes candlestick while longer spans indicate that the BCH price is on an uptrend.