Eagle's Perspective
BCH is set to undergo its second annual upgrade tomorrow—part of its scheduled updates every May 15 and November 15. While the protocol has successfully completed four previous upgrades (this marks the fifth), market response has been notably subdued compared to May's 40% pre-upgrade rally.
Key details about this upgrade:
- Bitcoin ABC 0.20.0 version activation
- Schnorr signatures enabled for OP_CHECKMULTISIG(VERIFY)
- Script rule enforcements for minimal push/encoding
Given the current market climate (bearish sentiment + Bitmain's internal uncertainties), this routine upgrade is unlikely to catalyze an independent bullish run. Post-upgrade price corrections remain a higher-probability scenario.
Market Analysis
BTC
- Price: $8,664 (as of analysis)
- Trend: Descending channel with weakening support
Key Levels:
- Support: $8,600
- Resistance: $8,800
- Action: Hold for long-term; avoid short-term plays
ETH
- Testing $190 resistance but constrained by BTC's movement
Key Levels:
- Support: $180
- Resistance: $190
- Action: Accumulate on dips; weekly uptick potential
👉 How to navigate bear markets strategically
EOS
- Range-bound between $3.3–$3.6
- Action: Hold above $3.3 for breakout opportunities
BCH
- Pre-upgrade drop reflects market apathy
Key Levels:
- Support: $270
- Resistance: $290
- Action: Partial profit-taking; long-term accumulation
LTC
- Critical support at $58 (risk of downtrend if breached)
- Action: Monitor $58 closely for exit signals
XRP
- Weakest performer; avoid until base forms
- Key Support: $0.265
FAQs
Q: Should I buy BCH before the upgrade?
A: Not recommended—current market conditions dilute upgrade impacts.
Q: Is BTC likely to rebound soon?
A: Unlikely without catalysts; focus on $8,600 support.
Q: Which altcoin has the strongest upside?
A: ETH shows relative strength with $190 breakout potential.
👉 Mastering crypto market cycles
Analysis covers core market movements with neutral-to-cautious outlooks. Always DYOR.
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