Bitcoin Cash (BCH) In Throws Of A Bearish Trend

Bitcoin Cash (BCH) was once a promising project and effortlessly caught the eyes cryptocurrency enthusiasts. Though, since then, it has plunged price wise in bearish movements to the surprise of many.

A Bearish Trend

Support and resistance levels for the currency have been between $480 and $584. The crypto faithful may not see a bullish trend anytime soon. The support is for a long bearish trend that would follow the short bullish resistance. Not alown, the entire cryptocurrency market is on a bearish trend. Additionally, there have been a lot of disturbances in the Bitcoin Cash community.

Biggest Story About Bitcoin Cash

Cryptocurrency giant Bitcoin.com have released a video in which Roger Ver and Corbin Fraser made an announcement. In a blockbuster announcement, Fraser said crypto coins and tokens will be able to be created on the Bitcoin Cash protocol. The development would also be a good omen for the billion dollar company, Bitmain. Reports have compared Chinese tech giants Bitmain to a Fortune 500 company for its huge investments. Bitmain’s major investment is in cryptocurrency hardware and mining.

Bitmain shifted its interest from Bitcoin to Bitcoin Cash last year after losing about $300 million. The development, according to reports, was a sequel to the wide disagreement over scalability issues. This initially resulted in the BCH fork. Bitmain was obviously in favor of a more scalable blockchain supporting speedy and robust transactions.

Jostles In The Bitcoin Cash Community

On another end, there has been a brawl of some sort in the Bitcoin Cash community lately. This may also account for the current fall in price. It could also be a likely cause for bearish movements since an unstable community does not help any coin or token. Amuary Séchet may have done what he thought would be the next big thing in proposing a pre-consensus framework. Unfortunately, it did not go well with the other people in the community as they decided to shut him out.

There are possibilities that Bitcoin Cash would pick up and see a bullish trend sooner than expected. It is however important that they keep everything on the bright side if they want to fare well.