BCH is down 1.48%, trading at $120.17

BCH is grinding lower from $121.98 to $120.17, shedding $1.81 (1.48%) today.

Bitcoin Cash made an initial break below its 200 day Simple Moving Average at $118.84, a possible indication of a forthcoming negative trend. Having stamped out a session range of $119.05 to $123, Fibonacci-inclined Bitcoin Cash traders were highly concentrated around active Fibonacci support at $120.17. BCH's upper Bollinger Band® is at $123.57 which indicates a further downward move may follow. In contrast, BCH could begin to recover as it approaches significant support, now $6.15 away from $114.02. Dipping below could be an indication that further losses are ahead.

Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for Bitcoin Cash.

In the meantime, negative performances are also seen in other markets, Cardano is down to $0.36, losing $0.003, after closing at $0.364 in the preceding trading session.

Positive performances can be seen by looking at other markets as FTX Token rallies 9.54% to trade around $1.36. TRON gained 0.58% and is now trading at $0.07.

Bitcoin Cash is now trading 47% below the significant high of $230.13 it set around a year ago. Bitcoin Cash is currently trading with a market cap of 2.33 billion with an average daily volume of 114.32 million.