Bitcoin diamond price is on a declining streak against the US Dollar and BTC. Let’s see how BCD can do in the near future along with BTC.
For those who do not know, Bitcoin Diamond (BCD) is a fork of Bitcoin that happened at a pre decided height of block 495866, and as a result a new chain came into the existence known as the BCD on Nov 24th 2017. Their developers call it as better bitcoin.
- Bitcoin diamond is a new forked bitcoin and credited to most of BTC holders.
- The BCD price opened near $99.00 and since then it is on a declining streak.
- The price of bitcoin diamond is now around $50.00 and struggling to gain traction.
Bitcoin Diamond Price Analysis and Forecast
BCD is already listed on many exchanges, but I will mention price action based on the coinmarketcap charts and Binance exchange.
It opened around the $100.00 mark and since then it has struggled to make any upside momentum. It has slowly moved down and is currently trading around the $50.00 handle. The hourly chart of BCD/BTC clearly points a downtrend and the price is below 0.0060BTC.
On the downside, a major support is near 0.0050BTC or we can say near $48.00-50.00. It seems like the price might consolidate for some time around the mentioned 0.0050BTC level before it can make the next move.
On the upside, resistances are near $60.00, $68.00 and $80.00 levels. It won’t be easy for bitcoin diamond to acquire buyers unless we see some action fundamentally.
Fundamentals behind Bitcoin Diamond, its Mainnet and Encryption
The mainnet update for BCD is due in December 2017, which might result in a few swing moves in the price. Moreover, the next major update would be in Q2 2018 – encryption, which is encrypting the amount and balance to protect user privacy.
Many believe it’s a fraud team and a scam chain. Investing in BCD could result in black hole. However, only time will tell and it all depends on whether they deliver on their promises or not.
Bitcoin Price (BTC) Rise and fall
There was a lot of action in bitcoin price recently as it moved above the $10,000 level as forecasted in the previous analysis.
BTC/USD moved above the $11K mark and then started a sharp downside wave. It crashed below the $9000 level and is currently trading near the $10,000 level.
It seems like volatility has picked up and we can see more swing moves in btc before it gets stable. More downsides are at risk if buyers fail to keep the price above the $10K level in the near term.
Therefore, trade with caution traders and avoid chasing false breakouts.
Trade safe traders and enjoy the ride!!!