Major news for Bitcoin cash!! Litting up the bullish trend again!

Since its birth from on Aug 1 and reaching all time high on aug 19 with price of almost 1000$, it's been disappointing bearish ride since then. But this week, we see a growth of up to 20.09%! by coinmarketcap.com.

Let's look at the chart!

Chart shows that previously we had a flat support trendline on 300$ and downward sloping resistance trendline (indicated in red) which indicates a bearish sign. But a breakout above the resistance line as of now the price is around 483$ plus with high volume can be confirmed with bullish sign to come. The average maximum gain from this trend is around 47% if there is no decline of 20% in coming weeks or days.

What causes the bullish trend?

Increased adoption in over 1200 restaurants in Denmark

Hungry.dk is the latest denmark restaurant to use coinify services to process bitcoin cash payment. Coinify is a platform that accept bitcoins and pay the merchants in fiat (euro dollar etc)

Titbits about coinify :

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Bitcoin biggest payment processor, Bitpay might add a second crypto after bitcoin, BCASH.

CEO of Bitpay stated :

We do listen to our customers and for quite some time their number 1 complaint has been the high fees and slow confirmation times.

We really don’t like to pre-announce things though. Things move fast and plans can change at the last minute.”

Sources : https://news.bitcoin.com/bitpay-adds-bitcoin-cash-support-to-copay-wallet-and-insight-block-explorer/

OkCoin future exchange OkEX will be accepting Bcash

ETH, ETC and BCC futures will be available from November 3rd, 17:00pm (Beijing Time). The mentioned contracts will also follow the maker/taker model on trading fees (maker = -0.025%, taker = 0.075%). Users posting liquidity will receive the equivalent of 0.025% of the transaction fee from the platform once the transaction is filled. Taker would be charged of 0.075% in opening and squaring a contract. Settlement fee would be charged at 0.05%.

Sources : https://support.okex.com/hc/en-us/articles/115002446791-OKEx-Announce-Fees-Adjustment-Upcoming-Futures

Bitmain, seller of ASIC miner for bitcoin stated that they will only accept Bcash as payment

Only BCC(Bitcoin Cash) payment method is accepted in this batch, please use the exact amount mentioned in your order and complete the payment within one hour. After one hour, the order will expire and your payment may not be detected by the system automatically. Payment must be in BCC. We cannot accept payment in BTC. If you send BTC to the BCC wallet the coins may be lost. If the payment is submitted but the receipt is delayed, we will make your payment "Valid" manually.

Sources : https://shop.bitmain.com/productDetail.htm?pid=00020171024170217293t9Sp5rm406A9#1014

Conclusion :
Bcash might have a bright future ahead! As bitcoin gold fork was a complete fail, with a market cap of almost 2 billion, people start to realise the real solution to all the bitcoin problems might actually be bitcoin cash. AS more people are realising it's true value many are switching over what is claim to be the true bitcoin. There also news that they will fix the crazy Emergency Difficulty adjustment protocol, which makes the bitcoin cash completely unreliable for transaction.

According to medium.com

Recently, a well developed analysis and proposal has come from Bitcoin ABC developer Amaury Séchet (deadalnix), in a recent post the bitcoin-ml mailing list [8]. His work builds on the analysis of zawy12 [7], and includes simulation to validate its performance under various scenarios. It is a robust solution that would serve Bitcoin Cash well for the long term.

Sources : https://medium.com/@Mengerian/bringing-stability-to-bitcoin-cash-difficulty-adjustments-eae8def0efa4

This will be a great news for all of us, if it's implemented. We might see Bitcoin cash to stand a chance of taking over the old bitcoin.