Bearish BCH currently $1.12 lower after trading as low as $116.68

After closing at $117.92 today, Bitcoin Cash opened today at $117.92, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, Bitcoin Cash retains a distinct $116.68 to $117.95 daily range.

Bitcoin Cash made an initial break below its 21 day Simple Moving Average at $117.05, a possible indication of a forthcoming negative trend. BCH's upper Bollinger Band® is at $121.88 which indicates a further downward move may follow. Despite this, Bitcoin Cash could begin to recover as it approaches significant support, now 44 cents away from $116.36. Dipping below could be an indication that further losses are ahead.

Following today's unexpected losses, extensive multifactorial technical analysis forecasts BCH to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the BCH is expected to attract significant bearish sentiment in the coming days.

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.

Positive performances can be seen by looking at other markets as FTX Token gained 9.54% and is currently trading at $1.36. Ripple improves 3.64% to trade around $0.464.

Having set a significant high of $204.51 11 months ago, Bitcoin Cash is trading 42.34% lower. Bitcoin Cash is currently trading with a market cap of 2.27 billion with an average daily volume of 114.77 million.