BCH Bears Push Price to Lower $124 Low After Decline – Cryptopolitan
Given that the price has fallen to $124.28 in the last four hours, Bitcoin cash price analysis is strongly bearish for the day. The market has continued to collapse as the bears gradually regained momentum. The new bearish drive started yesterday as bears reversed the trends to prevent the BCH price from rising above the $129 mark. Since then, the price has moved downwards, and today we have also seen a sale which has pushed the price down.
BCH/USD 1-day price chart: A sell-off causes BCH to lose 1.30 percent more
The One-Day Bitcoin Cash Price Analysis report is in favor of the bears given that the price has fallen to $124.28 today. Market patterns have traditionally undergone frequent adjustments, but these recurring confrontations have ultimately resulted in the bears taking the initiative. The coin lost 1.30 percent more of its value today as the price fell further. The small reduction of 1.71 per cent in trading volume led to a market dominance of 0.20 per cent.
After approaching the SMA 50, the moving average (MA) is settled at $125. The 1-day price chart shows that volatility is decreasing, suggesting that adverse conditions may arise in the future. The upper band of the Bollinger bands, representing BCH’s resistance, is set at $134, while the lower band, representing BCH’s support, is at $118. The price level has fallen below the indicator’s average line. In addition, the RSI score has dropped to index 47 and the indicator is currently trading with a small downward curve.
Bitcoin Cash Price Analysis: Recent Developments and Additional Technical Indications
The four-hour Bitcoin cash price analysis shows that the bears are once again in control. Due to the decline, the price of the cryptocurrency fell significantly, reaching a low of $124.29. Over the past 48 hours, the price function has been decelerating as the bearish momentum has strengthened.
The moving average (MA), which is still trading below the SMA 50 curve, shows the value at $125.24. The Bollinger bands also generate an average of $126.45. The upper part of the Bollinger Bands is currently around $129, while the lower part is currently nearing $123. The area between the Bollinger bands widens, indicating a rapid increase in volatility. The RSI indicates that the coin is currently experiencing selling pressure as the bearish pressure is causing the RSI score to drop and it has reached the index 42 in the lower half of the neutral region.
Bitcoin Cash Price Analysis Conclusion
One day and four hours of Bitcoin cash price analysis has revealed that the bears have persisted in their march today. As the bears are in control, price levels have been steadily declining. The price has fallen to $124.29, which has had a detrimental effect on the BCH market cap. The bulls may ultimately have the upper hand in the future due to the $120 support level.
