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Bitcoin Cash [BCH] Technical Analysis: BCH in danger of slipping below the $2 billion mark

After reaching a high of $2.3 billion in the middle of the previous week, the weekend decline has shaved over $240 million from the overall market cap of Bitcoin Cash [BCH]. The fourth-largest coin has followed the market trend, which has declined by about $3 billion, languishing at $117.7 billion.

Bitcoin Cash has declined, in terms of 24-hour price change, against the US dollar by 4.69 percent, as the market cap stands at a dismal $2.13 billion.

In terms of exchange dominance, P2PB2B takes the top-three spots on the BCH volume distribution chart accounting for 7.74 percent, 7.37 percent, and 6.61 percent in the following trading pairs; BCH/USD, BCH/BTC, and BCH/ETH. In the next two spots are Coinsuper and HitBTC.

1-hour:

Source: Trading View

Source: Trading View

Last week’s brief, but significant, uptrend saw the coin shoot up from $120.97 to $133.85 in two separate cycles. Following this, the coin experienced two steep downtrends, dropping the BCH price from the aforementioned $133.85 to $121.89, with the price looking to dip even further.

Bitcoin Cash is trading below its immediate support level of $120.87, with the coin dropping below a previous support level of $125.13 last week. The immediate resistance level of the coin stands at $122.47.

The Bollinger Band point to an increase in the volatility of the coin as the price looks to decline, with the Moving Average line indicating a bearish market for the coin.

The Chaikin Money Flow points to a bullish swing, as investors are putting money into the cryptocurrency, given that the CMF line is above 0.

The Fisher Transform tool shows a bearish crossover in the Bitcoin Cash market.

1-day:

Source: Trading View

Source: Trading View

It comes as no surprise that the Bitcoin Cash’s one-day chart is marred with a steep downtrend from the BCH hardfork in November, which saw the coin drop from $625.24 to $135.77. The only uptrend experienced was brief, prior to the hardfork from $441.09 to $620.04.

The immediate support for the coin is $118, which the coin is inching closer to. On the flipside, the immediate resistance level of the coin stands at $195.54, which the coin is a long way off from.

The Parabolic SAR points to a mildly bearish market in the long-run, as the BCH prices are stabilizing over time.

The MACD line still indicates a market with bearish momentum.

The Relative Strength Indicator shows that the investors are not too keen on the coin, in the long run, as the RSI has dipped to 37.96.

Conclusion:

The Bitcoin Cash market is once again on a downward swing, as the prices are moving closer to support levels, both long-term and short-term, with the market capitalization dropping significantly over the past weekend. All indicators, barring the Chaikin Money Flow, point to a bearish swing from the BCH market.

The post Bitcoin Cash [BCH] Technical Analysis: BCH in danger of slipping below the $2 billion mark appeared first on AMBCrypto.



This post first appeared on AMBCrypto - Latest Cryptocurrency News, please read the originial post: here

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Bitcoin Cash [BCH] Technical Analysis: BCH in danger of slipping below the $2 billion mark

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