•BCH/USD is currently priced at $129.80 and has decreased by 14.50% over the past day
•The trading volumes have increased by 1.10% over the past day
•The technical indicators suggest a bearish outlook for the near term
Short Term View: BCH price action dampens the mood of investors
The Bitcoin Cash price today is $129.80 USD with a 24-hour trading volume of $2,007,410,496 USD. Bitcoin Cash is down 14.50% in the last 24 hours. The trading volumes have remained stable over the past day with only a slight gain observed in the metric in the intraday session. The Volume to Market Cap Ratio stands at 0.8102 for the altcoin.
After reaching its all-time high of $4,355.62 on Dec 20, 2017, Bitcoin Cash has been stuck in a downtrend which it is yet to fully recover from. Currently it is embroiled in a slugfest which has resulted in huge slashes in price over the past month. The asset is currently struggling to attract buyers as it trades below the 20,50 SMA on the four hour chart. In the event of an extended rally, BCH could test resistance at $140. Failure to gather the requisite momentum would bring the support level at $120 into play. Barring another extended sell-off in the near term, Bitcoin Cash should avoid the next support level placed at $110.
Long Term View for Bitcoin Cash
According to the MACD indicator for BCH, the momentum is heavily in favor with the bears as it shows the MACD and signal lines transacting in the negative zone with a bearish crossover observed on the daily chart. The increasing size of the red histograms further complicates matters for the bulls. The selloff has coincided with the 14-day RSI failing to break out of its recent ceiling as the asset is transacting deep into the oversold territory as it currently stands placed at 24.73.
Conclusion
The BCH price analysis reinforces bearish dominance while showing little to no bullish pressure across the mid-term charts. Hence the prices are likely to continue falling in the coming days.
Support: $120-$110
Resistance: $140-$150
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
