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.
$BCH
— Nihilus (@nihilus_XBT) October 4, 2023
– send it to 250#bch #BCH pic.twitter.com/UrFavGPNjr
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.
Discover Bitcoin Cloud Mining With Bitcoin Minetrix – Over $450k Raised
Bitcoin mining, long seen as a domain dominated by colossal corporations with their deep pockets and access to state-of-the-art equipment, is undergoing a transformation.
Bitcoin Minetrix aims to ensure this lucrative venture is not just confined to the elites but is accessible to everyone.
How? By rewriting the rules of mining through its innovative Stake-to-Mine model.
#BitcoinMinetrix has yet again reached an important milestone!🪙
— Bitcoinminetrix (@bitcoinminetrix) October 4, 2023
Raising over $400,000. pic.twitter.com/by85uMTqKE
In a move aimed at side-lining energy-guzzling equipment, Bitcoin Minetrix provides an avenue where BTCMTX token holders can stake their tokens to receive mining credits.
These credits unlock the door to efficient Bitcoin cloud mining, making the process sustainable, secure, and, importantly, within everyone’s reach.