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March 02, 2023
BCH drops from $134.36 to $133.05, losing $1.31 (0.97%) today.
Bitcoin Cash made an initial break below its 21 day Simple Moving Average at $132.73, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $133.15 currently serving as support. If price action breaks below, the next Fib hurdle is $129.39. On the other hand, note that Bitcoin Cash could begin to recover as it approaches significant support, now $1.11 away from $131.95. Dipping below could be an indication that further losses are ahead.
Looking forward, Bitcoin Cash is poised to extend its strong downtrend and continue declining.
In the meantime, negative performances are also seen in other markets, UNICORN Token USD stumbles 2.98% to trade around $6.43. EOS draws back 1.79% to trade around $1.19.
Positive performances can be seen by looking at other markets as FTX Token leaps up 9.54% to trade around $1.36.
Bitcoin Cash reached a significant high of $385.82 around 11 months ago but has lost 65.17% since then. Bitcoin Cash is currently trading with a market cap of 2.57 billion with an average daily volume of 212.11 million.
