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

Inhoudsopgave

BH NEWS

Andere artikelen gepubliceerd op 29 jul 2024

Crypto Weekly Recap: Bitcoin, Binance, Ethereum, Solana, Ripple

Pendle Coin: A New Era in Crypto Investments

Crypto Analyst Finds Link Between USDT on TRON and Bitcoin Price

Floki Announces Valhalla Sponsorship for India’s Tour of Sri Lanka, Targeting 220M Viewers

Trump Pledges to Hold Bitcoin as Strategic Reserve Asset if Elected President

Will Ethereum Price Surpass the $3.5K Level Post Consolidation Phase?

Meld je aan voor onze gratis nieuwsbrief voor dagelijkse crypto-updates!