After closing at $110.02 today, BCH began today at $110.02 with significant bullish sentiment driving BCH's price action higher. So far today, price action has drawn out a distinct $109.65 to $112.76 range.
Although up today, early price action saw Bitcoin Cash dropping below its 50 day Simple Moving Average at $109.87 — an early indicator that a new downward trend could be emerging. Bollinger Band® analysis indicates that current price action is approaching the upper band at $116.39, thereby suggesting that BCH is becoming overvalued. BCH price action is currently oscillating around the $112.6 resistance level with prices moving above and below several times during the session. On the other hand, note that BCH formed a session range of $109.65 to $112.76 leaving buyers and sellers highly concentrated around an active Fibonacci resistance level of $110.9.
Bitcoin Cash is likely to reverse course and start pointing downward in the short term.
Bitcoin Cash shows positive signs, other assets are also on par: Dogecoin added 7.39% to its value, now trading at $0.102. Having closed the previous session at $1,169, Ethereum is up 4.42% today to currently trade at around $1,221. Litecoin is up 3.75%.
Approximately 11 months ago, BCH reached a significant high of $586.92 but has struggled to hold onto its gains and declined 81.25% since then. BCH is currently trading with a market cap of 2.14 billion with an average daily volume of 14.24 million.