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April 07, 2023
Bitcoin Cash slides down from $126.06 to $124.15 today, losing $1.9 (1.51%).
Bitcoin Cash could begin to recover as it approaches significant support, now 97 cents away from $125.12. Dipping below could be an indication that further losses are ahead. BCH made an initial break below its 10 day Simple Moving Average at $125.17, a possible indication of a forthcoming negative trend. Bitcoin Cash formed a session range of $123.52 to $126.43 leaving buyers and sellers highly concentrated around an active Fibonacci support level of $123.63. BCH's upper Bollinger Band® is at $132.09 which indicates a further downward move may follow.
Overall, the technical analysis landscape suggests that on the balance of probability, BCH is expected to maintain its bearish bias.
In the meantime, negative performances are also seen in other markets, Dogecoin descends 2.84% to trade around $0.083. Tezos USD closed at $1.1 (down 3.5%).
Other assets are showing positive performances as FTX Token leaps up 9.54% to trade around $1.36.
11 months ago BCH reached a significant high of $345.63 but has consequently lost 63.53% since then. BCH is currently trading with a market cap of 2.40 billion with an average daily volume of 165.19 million.
