After four days of going down, Bitcoin Cash is flat today, hovering around $120

BCH is now trading at $120 after tracing out a steady $119.08 – $120.45 range today.

Bitcoin Cash is approaching key support, around $2.46 away from $117.56. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Bitcoin Cash made an initial breakout above its 5 day Simple Moving Average at $120.04, a potential indicator of a newly emerging bullish phase. Bitcoin Cash's upper Bollinger Band® is at $136.68 and the lower is $115.22.

Despite muted price action in Bitcoin Cash, chart analysis indicates it is positioned for a bullish run in the short term.

Meanwhile, mixed performances are seen elsewhere as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. UNICORN Token USD slumps 2.98% to trade around $6.43. Bitcoin gained 1.46% and is currently trading at $28,700.

Bitcoin Cash is trading 62.13% lower compared to the $316.1 high it reached over the past year. BCH has a market cap of 2.33 billion with an average daily volume of 109 million.