By Is Bitcoin Cash Going to Zero? $300 Million Trading Volume Sends BCH Price Down 7% as New Bitcoin Project Secures $400,000
Bitcoin Cash (BCH) has undertaken a -7.71% retracement move to test accumulatory support at the 20DMA, but with price action tumbling – is Bitcoin Cash going to zero?
The downside shift comes amid declining trading volume for BCH, which has dropped -48.19% overnight, to a lowly $246k.
However, community sentiment remains bullish – with BCH bag-holders carefully watching the accumulation zone around the 20DMA for a strong bounce in continuation with the ongoing rally trend for the leading hard fork project.
BCH Price Analysis: Is Bitcoin Cash Going to Zero After -7% Tumble?
In the midst of the downside move, Bitcoin Cash is currently trading at a market price of $231.7 (representing a 24-hour change of +0.16%).
This comes as price action enters a major re-test of support from the 20DMA – an area which has provided supportive footing to the rally move since August 29.
The $225 price level has acted as an accumulation zone for much of the price action since June, with historical bounces from here at the end of June and also at the start of August.
Meanwhile, the 200DMA remains ascendant but low in the chart down at $175.
As for Bitcoin Cash’s indicators, the RSI has cooled-off moderately from a strong oversold signal with the downside move, but still remains technically in bearish divergence at 57.97 – this could suggest price will push lower or consolidate longer.
On the other-hand, following the golden cross on June 24, the MACD is on parade at 1.6 – a significant bullish signal.
Overall then, BCH is in a crucial moment in technical structure, a bounce from the accumulation zone would send price high to upper trendline resistance – but rejection from support here could see price tumble significantly.
To the upside then, Bitcoin Cash is targeting a breakout move to $275 (a possible +18.79%).
While downside risk could see BCH slide down to lower support at $190 (a potential -17.93%).
This leaves Bitcoin Cash with a risk: reward of 1.05 – an almost balanced ratio highlighting the make-or-break position in the chart, and clear evidence that Bitcoin Cash is NOT going to zero anytime soon.
But while Bitcoin Cash is on the brink, smart money are already rotating profits into an emerging Bitcoin cloud mining presale that could offer superior returns.
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Here’s Why BTCMTX is Set to Explode Upon Launch
Initiating their ICO with a starting price tag of just $0.011 for the BTCMTX token, Bitcoin Minetrix isn’t asking for a fortune but an opportunity.
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What’s even more compelling is that this is not just an investment in a token but in a future-proof concept; a concept that merges the best of both worlds: staking and mining.
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How Does BTCMTX Ensure Security and Transparency?
The crypto world, unfortunately, has had its fair share of scams, especially in the cloud mining sector and this is where Bitcoin Minetrix departs from the norm.
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Bitcoin Minetrix stands tall, not merely because of its unique proposition but its commitment to making Bitcoin mining a universal venture.
With just a minimum investment of $10, it’s demolishing the barriers to entry, proving that you don’t need millions to be part of the mining elite.
For those seeking to ride the next wave of crypto innovation, the Bitcoin Minetrix presale is an avenue worth exploring.
In a world where Bitcoin’s derivatives are gaining traction, this is a project that not only promises returns but also champions the democratization of Bitcoin mining – a true game-changer in every sense of the word.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
