Bearish BCH currently $0.6 lower after trading as high as $119.53

Bitcoin Cash is grinding lower from $119.3 to $118.7, shedding $0.6 (0.5%) today.

Bitcoin Cash made an initial break below its 200 day Simple Moving Average at $118.25, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $118.37 currently serving as support. If price action breaks below, the next Fib hurdle is $115.25. In contrast, Bollinger Bands® shows an indication of recovery: the lower band is at $115.7, a low enough level to, generally, suggest that Bitcoin Cash is trading below its fair value. BCH could begin to recover as it approaches significant support, now 40 cents away from $118.3. 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, after ending today's session at $6.63, UNICORN Token USD lost $0.197 and is trading around $6.43. MaticNetwork USD closed at $0.974 (down 1.58%).

Positive performances can be seen by looking at other markets as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.

A year ago BCH reached a significant high of $316.1 but has consequently lost 62.26% since then. Bitcoin Cash has a market cap of 2.30 billion with an average daily volume of 109.96 million.