- Roger Ver tries to attract OpenNode away from Bitcoin and switch to Bitcoin Cash.
- The price of BCH / USD is coming back in a downward trend, vulnerable to further falls.
The price of Bitcoin Cash has been lower in the last sessions. It is working on three consecutive days in red. BCH / USD saw a bullish rally on 28th December, together with the rest of the market, earns well over 20%. However, the bulls in the market failed to support the upward movement, as the trend was already on the downside, as seen from 24th December.
Roger Ver offer to OpenNode
Roger Ver, a strong supporter of Bitcoin Cash, would send an offer to OpenNode, a payment company, for $ 1.2 million to switch from Bitcoin to Bitcoin Cash. This was confirmed through the official Twitter account of OpenNode, which has definitely rejected Roger Ver's offer.
On the back of receiving the offer, OpenNode said that a more open financial system is only possible with Bitcoin, making it clear that they are not willing to entertain anything else.
OpenNode is a software company that is developing a payment stack for companies. They are also working on software that simplifies the implementation of the Lightning Network channels. This can be used by retailers and the general public.
Roger Ver does his homework on the Lightning network
Recently, Roger Ver made a video on the Lightning network, sending a message to followers who have confidence in solving the problem of scaling down the Bitcoin network. He had done some research himself, covering some inconveniences. Ver detailed that off-chain downsizing using 10 billion people in Lightning Network would take more than 100 years against the downsizing of the Bitcoin Cash chain, which would take only 40 years.
I said, "I have an offer for the OpenNode team and Tim Draper [Draper] has invested $ 1.25 million in OpenNode, a start of processing payments only for Bitcoin. Well, Tim, I'm offering to match your $ 1.25 million investment in OpenNode, without equity constraints. I do not need any sharing whatsoever. All I need is for OpenNode to actually start processing payments for Bitcoin Cash, the Bitcoin version that has the most Bitcoin-ness in this regard. "
Technical review – BCH / USD
As explained above, the BCH / USD is currently in a cooling phase, which is ultimately the case since 24th December. The price stretched into a supply area, with the bulls failing to break this up for a further rise. From the last high December print, the BCH / USD fell 40%, from $ 241.20.
Given the pressing south, the eyes must now focus on potential support areas. First, $ 146.50 is a key daily support level. This was a 25 base areath November up to 4th December, before the bears managed to force a strong breach. The BCH / USD has recently requested this 25-year comfort zoneth December and has tested it on several occasions in the last sessions.
Any bankruptcy of the $ 146.50 level above, then the gates could flood the bears again. Further south, $ 105 will be required, where BCH / USD consolidated between 6 and 10 December, before a recovery in the pressure sold. Finally, the December low area of $ 73.50 is the next major target.
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. It holds investment positions in the currencies, but does not carry out trading activities in the short term or daily.
Featured image courtesy of Shutterstock.