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March 03, 2023
Bitcoin Cash is consolidating around the $124.93 level after dropping $6.88 at the start of the trading session.
Bitcoin Cash made an initial break below its 50 day Simple Moving Average at $130.88, a possible indication of a forthcoming negative trend. Bitcoin Cash pushed below the $129.91 support level and extended $4.98 beyond it. In contrast, Bollinger Bands® shows an indication of recovery: the lower band is at $122.55, a low enough level to, generally, suggest that Bitcoin Cash is trading below its fair value.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for Bitcoin Cash.
In the meantime, negative performances are also seen in other markets, Litecoin closed at $89.09 (down 6.54%). After ending today's session at $23,479, Bitcoin lost $1,079.35 and is trading around $22,400. Dogecoin dips 5.94% to trade around $0.076.
Over the past 11 months, BCH has retreated 65.84% from a noteworthy peak of $385.82. BCH is currently trading with a market cap of 2.41 billion with an average daily volume of 220 million.
