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June 12, 2023
Slightly weaker but mostly flat: BCH is currently trading at $102.48 as it maintains an active range between $101.46 and $103.94.
BCH chart analysis: after reaching the $102.11 support zone, Bitcoin Cash bounced and climbed 37 cents above it. With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at $102.31, a low enough level to, generally, suggest that BCH is trading below its fair value.
Overall, the technical outlook suggests BCH is likely to remain muted for the immediate future, with no clear-cut direction.
Bitcoin Cash has shed 15.03% over the past three months. BCH has a market cap of 1.99 billion with an average daily volume of 79.13 million.
