BCH/USD rangebound as Bitcoin Cash community gets ready for a hard fork

Bitcoin Cash, the fourth largest digital asset with market value $7.7B mostly unchanged both on a day-to-day basis and since the beginning of Wednesday. BCH/USD is trading at $449.13 by press time.

What's going on

Bitcoin Cash network is getting ready for a hard fork scheduled for November 15, thus the network participants are preparing for the update that will take place in several stages. On October 22 Craig Wright's Nchain company announced that the mining initiative SV-Pool went  public, which means that Bitcoin Cash miners can forward their hashrate to SV-Pool and get paid by pay-per-last-n-shares (PPLNS) system.

Bitcoin Cash technical picture

Looking technically, BCH/USD is supported by $440 congestion zone. A sustainable move lower will extend the sell-off towards psychological $400.

The recovery is capped by the short-term resistance level created by SMA50 at $ $454. This hurdle needs to be taken out to proceed to psychological $500 and $525 (October 15 spike high).

BCH/USD, the daily chart