BCHUSD (Bitcoin coin cash) forms shooting stars quite frequently at 1466.9, 1478 and now at 1458 levels, both leading oscillators evidence faded strength and lagging indicators signal uptrend reversal (refer daily chart). Whereas on weekly plotting, long-legged doji is occurred at 1759.7 levels which is bearish in nature, both RSI and stochastic on this timeframe signal bearish momentum.

As stated in our earlier post, Bitcoin Cash (BCH) is undergoing a hard fork, this guide explains how this coin came into existence, what this fork means, why it is being done, and what the effects it will have.

The two separate chains are likely to form, however, only the new chain to have economic value. On the flip side, the former chain will become obsolete and will no longer be accepted by crypto exchanges. Nevertheless, because the term "hard fork" often suggests that there was some disagreement in the community that could not be resolved, the BCH community is using the term "upgrade" for what will be taking on place on May 15th. And indeed, there will be an upgrade because new features are being added to the protocol.

Well, back in the mid of 2017, some developers were not content with the implementation of the Segregated Witness (SegWit). SegWit was implemented to increase the number of transactions per second the network was capable of processing, but many developers believed that raising the block size limit was the superior solution.

These developers hard forked Bitcoin on August 1st, 2017. They created Bitcoin Cash, which was similar to Bitcoin but has a max block size of 8 MB, to increase transaction speeds.

Whereas in this hard fork, the major changes are expected as follows:

The block size is being enlarged from 8MB to 32MB so that more transactions can fit in each block, which tips off more transactions per second (around 224) and even lower transaction fees (since there will be less competition to fit transactions into these larger blocks);

The several Bitcoin script operation code (op codes) are being added/reactivated so that we can have the possibility of creating very simple smart contracts; and

The OP_RETURN data carrier size is being risen from 80 bytes to 220 bytes, which enables for tokenization or creation of "colored coins" (kind of like ERC-20 tokens on the Ethereum blockchain) that can be used for tracking real-world assets - such as gold, real estate, bonds, stocks -- or even virtual assets such as CryptoKitties.

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