BCH set for weak finish today; down 0.35% to $123.62 with 3 hours before close

BCH weakened earlier in the day, before moving away from its $122.55 low and recovering back to $123.62.

As the trading day comes to an end, chart analysis indicates Bitcoin Cash could begin to recover as it approaches significant support, now $1.09 away from $122.53. Dipping below could be an indication that further losses are ahead. Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Asset volatility analysis shows that Bitcoin Cash's lower Bollinger Band® is at $121.27, 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, after ending today's session at $89.92, Litecoin lost $1.95 and is trading around $87.97. Cardano is trading around $0.332 (down $0.005).

Positive performances can be seen by looking at other markets as FTX Token gained 9.54% and is currently trading at $1.36.

BCH has fallen back around 67.85% over the past 11 months, from a notable high of $385.82. BCH has a market cap of 2.39 billion with an average daily volume of 218.29 million.