Bitcoin Cash (BCH) and Ethereum Classic (ETC) Gain After the Recent Downtrend
- 王林Original
- 2024-08-08 21:18:221009browse
ETFs are the hottest topic in the crypto sector for 2024. We first saw Bitcoin ETFs, and then ETH ETFs came out. This ETF mania will resume
Bitcoin Cash (BCH) and Ethereum Classic (ETC) have seen some gains after the recent downtrend. Both coins are trading lower for the week but have seen a bounce in the past 48 hours.
Bitcoin Cash (BCH) is showing bearish sentiments despite forming a double bottom. The broader crypto market’s negative sentiment could push Bitcoin Cash (BCH) below the important support zone.
Bitcoin Cash (BCH) Price Analysis
Bitcoin Cash (BCH) is trading at $314.47 with a market cap of $6.2 billion and a circulating supply of 19.74 million BCH. After forming a double bottom, Bitcoin Cash (BCH) is showing bearish sentiments with a price drop of 25% over the past week.
On the daily BCH/USD price chart, a double bottom is formed around the $313.8 level, which acted as strong support and pushed BCH price higher from there. Bitcoin Cash (BCH) price is trading below the 50-day and 200-day EMAs, indicating strong bearish momentum.
After forming a double bottom, Bitcoin Cash (BCH) price failed to hold the higher levels and slid lower, reaching lows of $308.8. The selling pressure is still high, and if BCH price fails to hold the key support zone, we could see further downtrend in the coming days.
Bitcoin Cash (BCH) price is trading weakly and showing less buying strength until it crosses the $350 level. Overall, the current price action of Bitcoin Cash (BCH) is very weak.
Relative Strength Index (RSI) on the daily chart is below the average line, indicating weak buying strength in Bitcoin Cash (BCH).
Overhead resistance levels — $328.8, $346.8, $368.8
Immediate support levels — $313.8, $303.8, $296.8
Bitcoin Cash (BCH) is trading bearish on the lower timeframes with weak buying strength, and traders are advised to trade carefully.
Bitcoin Cash (BCH) price failed to hold the higher levels after forming a double bottom and slid lower, reaching lows of $308.8. The selling pressure is still high, and if BCH price fails to hold the key support zone, we could see further downtrend in the coming days.
Bitcoin Cash (BCH) price is trading weakly and showing less buying strength until it crosses the $350 level. Overall, the current price action of Bitcoin Cash (BCH) is very weak.
Ethereum Classic Weekly Chart Still In Red
The last two day’s bounce hasn’t given much up move in Ethereum Classic (ETC); its weekly chart is still trading in red. After the approval of a spot Ethereum ETF, Ethereum Classic (ETC) is showing bearish sentiments on the weekly time frame.
Despite the approval of a spot Ethereum ETF, bear strength is seen in本線は自動翻訳されています。翻訳の正確性については責任を負いません。ご不便をおかけして申し訳ありません。
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