The Bitcoin Cash price analysis is giving an edge to the bears, as the price faced loss today. BCH price value is now at $121, after undergoing a decline in the past few hours.
The short-term trending line was supporting the bulls, but now its taking a bearish turn as the bears have been maintaining 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 losing 6.32 percent
The following one-day Bitcoin Cash price analysis report is showing signs of bearish activity, as the price has lowered to $121.23 today. The past week underwent decent recovery, as there are more green candlesticks covering that area.
Today, the buyers had to observe disappointing results because of the decline in price. As the past few weeks have been supportive of Bitcoin Cash’s price as well, the moving average (MA) is secured at the $113.73 position.
The volatility has increased slightly, as the upper Bollinger band is now at $125 representing the resistance, and the lower one is present at $93.7 representing the strongest supporrt. Meanwhile, The Relative Strength Index (RSI) score is following a downward movement as well as it has decreased to index 54 indicating the selling activity in the market.
Bitcoin cash price analysis: Recent developments and further technical indications
The bears have secured their win in the 4-hours price chart as well, because of the immense market pressure, as the price has moved down to $121 after fluctuating up and down. However the price was last observed moving upwards, but the upwards movement may not last long enough.
The moving average is far above the current price, i.e., at $123 because the past few weeks have observed signs of bullish recovery as well. Nonetheless, the cryptocurrency has witnessed a slight drop in price today as the SMA 20 is moving towards the SMA 50 curve to cross below it which is also a bearish indication.
The volatility is high, and the Bollinger band indicator is displaying the following figures; the upper value is present at $131 and the lower value is present at $113. As the bears are winning at present, the RSI score has also decreased till the starting hours of today’s trading session and is hovering at index 52 now which comes in the neutral range.
Bitcoin cash price analysis conclusion
As per the following one-day and four hours 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 may go below the support level at $116, as the bears are rushing to the market to set their lead. This might come as a huge blow for the buyers who were expecting a higher price.
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