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June 09, 2023Bitcoin Cash is grinding lower from $111.72 to $110.66, shedding $1.06 (0.95%) today.
Having stamped out a session range of $109.88 to $111.88, Fibonacci-inclined Bitcoin Cash traders were highly concentrated around active Fibonacci support at $111.31. Bitcoin Cash's upper Bollinger Band® is at $117.3 which indicates a further downward move may follow. In contrast, despite being in the red so far in the current trading session, BCH peaked above its 5 day Simple Moving Average around $111.65 — typically an early indicator of a new bullish trend beginning to emerge. BCH could begin to recover as it approaches significant support, now $1.15 away from $109.51. Dipping below could be an indication that further losses are ahead.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for BCH.
In the meantime, negative performances are also seen in other markets, Cardano is trading around $0.292 (down $0.03). TRON is down $0.006 from the beginning of the session and now trades around $0.072. Solana closed at $17.26 (down 8.6%).
BCH is trading 34.44% lower compared to the $169 high it reached over the past year. Bitcoin Cash is currently trading with a market cap of 2.15 billion with an average daily volume of 74.19 million.
