BCH ended the previous session at $114.56; currently trading at $111.33

BCH recovering almost all the way back to $114.56 today, after dipping down to $110.8.

Bitcoin Cash made an initial break below its 21 day Simple Moving Average at $114.12, a possible indication of a forthcoming negative trend. Price action pushed below a known Fibonacci support level at $111.31 by around $0.018 with prices hammering out a $110.8 – $116.47 range by session close. BCH's upper Bollinger Band® is at $117.54 which indicates a further downward move may follow. Despite this, BCH could begin to recover as it approaches significant support, now $1.68 away from $109.65. Dipping below could be an indication that further losses are ahead.

Following today's unexpected losses, extensive multifactorial technical analysis forecasts BCH to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Bitcoin Cash is expected to attract significant bearish sentiment in the coming days.

In the meantime, negative performances are also seen in other markets, Binance Coin is down to $259.33, losing $21.67, after closing at $281 in the preceding trading session. Cardano is down to $0.33, losing $0.023, after closing at $0.352 in the preceding trading session.

Positive performances can be seen by looking at other markets as FTX Token soars 9.54% to trade around $1.36.

Bitcoin Cash is trading 37.4% lower compared to the $181.92 high it reached over the past year. BCH is currently trading with a market cap of 2.16 billion with an average daily volume of 74.90 million.