Navigating the downward spiral of BCH, we’re met with a barrage of bearish indicators. Ever since its ephemeral surge in August, it’s been in unrelenting retreat — shrivelling below major EMAs and settling into a trading range that’s been in place since August 17. The current bearing can be traced to the tepid current price of $192 pitted against the 20-day EMA of $199.5. Towering above the prevalent price level are the 50-day and 100-day EMAs at $207.7 and $199 respectively, further tightening the bearish grip. The RSI at 42.07 signals escalating sell-offs while the MACD histogram’s descent highlights growing bearish supremacy.
However, not everything is grim. A minor uptick in BCH’s market cap by 0.57% to touch $3.7 billion, as well as a 64.95% boost in 24-hour trading volume to $171.6 million, might indicate renewed interest and activity as the token nears crucial support levels. Immediate resistance set by the 100-day and 20-day EMAs worries the next pathway, while the resistance zone of $205 to $215.8 casts a large shadow with its overlap at the 50-day EMA of $207.7. On the flip side, a promising support zone of $177.1 to $184.4 offers an immediate reprieve — but the ensuing bearish sentiment might foreshadow a potential breakdown. If true, the subsequent support lies between $144.3 to $149.
Investors should note these patterns as BCH plausibly faces descending prices and bearish indicators. Yet, in the space of potentially declining cryptocurrency, one bright light seems to be emerging – a new Bitcoin startup named Bitcoin BSC.
The nascent Bitcoin BSC, revered for its luring staking rewards feature, has already charmed over $300,000 in its presale. It offers token holders the chance to accrue rewards through staking, significantly bolstering its standing as a viable investment option. With transactions processing under 5 seconds, minimal transaction fees and a robust roadmap, Bitcoin BSC is gaining heat. This introduction adds another depth to token staking and earning rewards — clearly distinguishing itself among other Bitcoin variants with its low cost, rapid processing times and scalability. The amplified crypto landscape continues to evolve with this new alternate — a testament to the ceaseless innovation within the blockchain realm.
Source: Cryptonews
