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May 06, 2023
BCH crashes after losing $3.13, breaking down to $117.13.
Trend-following investors would be interested to note that Bitcoin Cash made an initial break below its 200 day Simple Moving Average at $118.63, a possible indication of a forthcoming negative trend. According to asset volatility analysis, BCH's lower Bollinger Band® is at $112.89, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. As the trading day comes to an end, chart analysis indicates BCH could begin to recover as it approaches significant support, now 96 cents away from $118.09. Dipping below could be an indication that further losses are ahead.
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 $88.83, Litecoin lost $5.05 and is trading around $83.78. Ethereum closed at $1,894.39 (down 5.17%).
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 shed $153.96 points and is languishing 56.15% lower over the past year, leaving its yearly highs around $274.1 in the rear-view mirror. Bitcoin Cash is currently trading with a market cap of 2.27 billion with an average daily volume of 105.51 million.
