Bitcoin Cash

Value

Bitcoin

Resistance

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-cash-confronts-471-resistance" data-wpel-link="internal">Bitcoin Cash Confronts $471 Resistance</a><br></p>
<p style="text-align: justify">BTC’s price retreated from the $70,000 mark after the US markets opened, losing approximately $800. It now hovers above $69,300. Meanwhile, <a href="https://en.bitcoinhaber.net/bitcoin-etf-movements-indicate-market-tremors" data-wpel-link="internal">Bitcoin</a> Cash (BCH), which originated from a Bitcoin fork, shows potential for price volatility in the opposite direction. Current signals suggest a possible price decline for BCH.</p> 
<h2 id="bitcoin-cash-bch-analysis">Bitcoin Cash (BCH) Analysis</h2> 
<p style="text-align: justify">Bitcoin Cash’s price recently surged past $450 and encountered a significant resistance level. However, overcoming this barrier under current conditions seems unlikely. The Relative Strength Index (RSI), nearing the overbought zone at 70, signals a potential resistance rejection. The increasing RSI indicates that investor demand may shift towards selling.</p> 
<h2 id="what-does-the-mvrv-ratio-indicate">What Does the MVRV Ratio Indicate?</h2> 
<p style="text-align: justify">The Market Value to Realized Value (MVRV) Ratio also supports the likelihood of a price decline. Historical <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener nofollow" data-wpel-link="exclude">data shows</a> that when the MVRV ratio ranges between 8% and 18%, selling pressure intensifies. Currently, the MVRV ratio stands at 18%, suggesting danger for bullish <a href="https://finance.coin-turk.com/" rel="nofollow noopener" target="_blank" data-wpel-link="exclude">investors</a>. Additionally, continued weakness in BTC’s price may further accelerate sales.</p> 
<h2 id="investor-insights">Investor Insights</h2> 
<p style="text-align: justify"> – Monitor RSI levels closely; a high RSI typically signals overbought conditions.<br> – Keep an eye on the MVRV ratio; a high ratio often indicates increased selling pressure.<br> – Watch BTC price movements, as a decrease below $68,000 could impact BCH negatively.<br> – Consider short-selling opportunities at the $471 resistance level. </p> 
<p style="text-align: justify">The BCH price, which rose by 25% in just four days, faces strong resistance at $471. This resistance level may attract investors looking to short-sell, potentially pushing BCH back to the Fibonacci support at $432. If profit-taking does not intensify and BTC remains above $68,000, the $432 support is expected to hold.</p> 
<p style="text-align: justify">Should BTC surpass $70,000 quickly, BCH demand might also increase, potentially driving its price to the next resistance at $501 following closures above $471. This scenario could negate the decline forecast and usher in new peaks, compensating for the losses incurred in June.</p> 
<p style="text-align: justify">The direction of trading volume in the ETF channel and the outcomes of the upcoming Fed meeting will play crucial roles in determining investor caution in the hours ahead.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-cash-confronts-471-resistance" data-wpel-link="internal">Bitcoin Cash Confronts $471 Resistance</a></h5>

Bitcoin Cash Confronts $471 Resistance

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