BCH’s closing price of 2022 had this BTC connection, will 2023 be any different?

BCH ended 2022 at a 2-year low However, BCH witnessed a growth in coin distribution Bitcoin Cash [BCH], was trading at $97.74 as of 31 December and closed 2022 at a two-year trading low, data from CoinMarketCap revealed. Also impacted by the severe decline in the cryptocurrency market during the year, BCH’s value dropped by 77%. […]

Only for the bears…

A look at the Moving Average Convergence Divergence revealed a downward intersection of the MACD line with the trend line since 12 December. Thus, kickstarting a new bear cycle for the altcoin. Since then, its price declined by 8%.The spots occupied by BCH’s Directional Movement Index and Exponential Moving Average confirmed that sellers had control of the market.

Additionally, the Average Directional Index also indicated that the sellers had a very strong hold on the market. This could make it difficult for buyers to regain control in the short term.

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