Bitcoin Cash (BCH) has been treading a downward path since its brief surge in August.
After an 18% leap on August 29, BCH has been unable to keep the rhythm, falling below significant EMAs and retreating back to the trading range it has seen since August 17.
BCH Price Prediction and Technical Analysis: Marching to a Bearish Drumbeat
BCH’s 20-day EMA is currently $199.5, a beat ahead of the current price of $192. Additionally, the 50-day and 100-day EMAs, at $207.7 and $199 respectively, stand as dynamic resistances, towering over the present price level.
BCH’s position beneath these pivotal EMAs, particularly the long-term 100-day EMA, sets a bearish tempo for the cryptocurrency. The potential bearish crossover of the 20 and 50-day EMAs with the 100-day EMA amplifies this bearish stance.
BCH’s Relative Strength Index (RSI) currently reads 42.07, dropping a beat from the previous day’s 43.02. This drop in the RSI indicates an increase in selling activity.
The MACD histogram has also stepped down to 0.5 from the previous day’s 0.6. This descending trend in the MACD histogram signifies the increasing dominance of the bears.
BCH’s Tempo Change in Market Cap and Trading Volume
Despite the bearish indicators, there has been a minor uptick in BCH’s market cap and trading volume.
The market cap has grown by 0.57% to reach $3.7 billion, and the 24-hour trading volume has seen a substantial increase of 64.95%, reaching $171.6 million.
This could indicate a growing interest and trading activity as BCH approaches important support levels.
Navigating BCH’s Resistance and Support Levels
On the road ahead, BCH encounters immediate resistance at the 100-day and 20-day EMAs of $199 and $199.5.
Venturing beyond, the horizontal resistance zone of $205 to $215.8 casts a long shadow, especially with its overlap at the 50-day EMA of $207.7.
Conversely, BCH finds immediate support at the horizontal support zone of $177.1 to $184.4, a bridge in sync with the Fib 0.618 level at $181.4. Given the swelling bearish sentiment, a breakdown from this support zone seems more than just a pit stop.
If this happens, the next support area is from $144.3 to $149, which is also very close to the Fib 0.786 level of $141.3.
The technical indicators for Bitcoin Cash are signaling a bearish trend for the immediate future.
Investors are advised to closely monitor these market patterns, looking out for potential falls below key support levels and staying aware of the dynamic resistances above BCH’s price.
While Bitcoin Cash struggles with declining prices and bearish indicators, a new Bitcoin startup called Bitcoin BSC is surging in popularity for its staking rewards feature.
Bitcoin BSC offers token holders the ability to earn rewards over time through staking, attracting over $300,000 in its presale so far.
Bitcoin BSC: The Future of Token Staking?
Bitcoin BSC has caught attention for its feature that allows token holders to gain rewards through staking. The $BTCBSC presale has already raised more than $300,000 in just 4 days.
The tokens are based on the BNB Smart Chain, and they offer payouts in line with Bitcoin’s block confirmations over a projected 120-year period.
Bitcoin BSC has the same total token supply as Bitcoin—21 million. Roughly 69% of these tokens are designated for distribution as rewards.
Simply put, you can earn rewards based on the number of tokens you put into a staking smart contract and the length of time you decide to keep them there.
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