Bitcoin Cash slumps $7.67 following previous session close at $290.41

BCH slides down from $290.41 to $282.73 today, losing $7.67 (2.64%).

Bitcoin Cash made an initial break below its 5 day Simple Moving Average at $287.92, a possible indication of a forthcoming negative trend. On the other hand, note that although BCH is down today and was as low as $279.27, it seems to be recovering slightly and climbing away from the $281.26 support line and is now $1.48 above it.

In the short term, BCH is expected to maintain its recent downtrend and continue spiralling lower.

In the meantime, negative performances are also seen in other markets, EOS closed at $0.755 (down 1.52%).

Positive performances can be seen by looking at other markets as FTX Token is up 9.54%. Dogecoin increases 2.5% to trade around $0.07.

Bitcoin Cash is now trading 4.58% below the significant high of $304.34 it set around 5 days ago. BCH has a market cap of 5.50 billion with an average daily volume of 792.14 million.