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May 03, 2023
After closing at $119.24 today, Bitcoin Cash opened today at $119.24, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, Bitcoin Cash retains a distinct $118.44 to $119.24 daily range.
A study of Bitcoin Cash's chart reveals various key levels to watch: Bitcoin Cash could begin to recover as it approaches significant support, now $1.13 away from $117.4. Dipping below could be an indication that further losses are ahead. Concerning technical analysis and more specifically, trend indicators, Bitcoin Cash made an initial break below its 200 day Simple Moving Average at $118.41, a possible indication of a forthcoming negative trend. Asset volatility analysis shows that Bitcoin Cash's lower Bollinger Band® is at $110.86, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Overall, the technical outlook suggests Bitcoin Cash is likely to remain muted for the immediate future, with no clear-cut direction.
In the meantime, negative performances are also seen in other markets, UNICORN Token USD closed at $6.43 (down 2.98%). Cardano closed at $0.386 (down 1.5%).
Other assets are showing positive performances as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.
BCH is trading 57.97% lower compared to the $283.73 high it reached over the past year. BCH has a market cap of 2.30 billion with an average daily volume of 113.10 million.
