Bitcoin Cash Price Analysis: Has Depreciated Coin Value As BCH Struggles At $121
The Bitcoin Cash price analysis gives an advantage to the bears as the price faced losses today. The BCH price value is now at $121, after undergoing a decline in the last few hours.
The short-term trend line supported the bulls, but now it is taking a bearish turn as the bears have maintained their upper position quite impressively since yesterday. The price is at a short distance from the current support level i.e. $116 and is expected to cross it down soon.
BCH/USD 1-day price chart: Bearish current takes BCH to $121 and loses 6.32 percent
The following one-day Bitcoin Cash price analysis report shows signs of bearish activity, as the price has dipped to $121.23 today. The last week saw decent recovery as there are more green candlesticks covering that area.
Today, the buyers had to observe disappointing results due to the price decline. Since the past few weeks have also supported Bitcoin Cash’s price, the moving average (MA) is secured at the $113.73 position.
Volatility has increased slightly, as the upper Bollinger band is now at $125 representing resistance, and the lower is present at $93.7 representing the strongest support. Meanwhile, the relative strength index (RSI) is following a downward movement as well as it has dropped to index 54 which indicates the selling activity in the market.
Bitcoin Cash Price Analysis: Recent Developments and Additional Technical Indications
The bears have also secured the victory in the 4-hour price chart, due to the huge market pressure, as the price has moved down to $121 after swinging up and down. But the price was last observed moving upwards, but the upward movement may not last long enough.
The moving average is well above the current price ie at $123 because the last few weeks have also observed signs of bullish recovery. Nevertheless, the cryptocurrency has witnessed a small price drop today as the SMA 20 is moving towards the SMA 50 curve to cross below it, which is also a bearish indication.
Volatility is high and the Bollinger band indicator shows the following numbers; the upper value is present at $131 and the lower value is present at $113. As the bears are winning at the moment, the RSI score has also declined until the opening hours of today’s trading session and is hovering at index 52 now which comes in the neutral area.
Conclusion for analysis of Bitcoin cash price
According to the following one-day and four-hour Bitcoin Cash price analysis, the situation is getting more and more out of hand for the bulls. The bears are determined to take prices below $121 in the near future. The price could go below the support level of $116, as the bears rush to the market to set the lead. This may come as a big blow to buyers who expected a higher price.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
