BCH is range-bound between $109.56 and $118.58 today after shedding $4.32 and closing at $117.78 today.
Bitcoin Cash made an initial break below its 50 day Simple Moving Average at $114.08, a possible indication of a forthcoming negative trend. Bearish sentiment was sufficient to push prices below the known Fib level of $115.91 serving as intraday support. Despite this, ‘Bullish Harami’ is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that’s contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end. Bitcoin Cash could begin to recover as it approaches significant support, now $1.86 away from $115.31. Dipping below could be an indication that further losses are ahead.
Looking forward, Bitcoin Cash is poised to extend its strong downtrend and continue declining.
In the meantime, negative performances are also seen in other markets, after ending today’s session at $22.07, FTX Token lost $6.89 and is trading around $15.18. Dogecoin is down to $0.1, losing $0.012, after closing at $0.112 in the preceding trading session. Bitcoin dips 4.72% to trade around $19,646.
BCH reached a significant high of $717.11 around 11 months ago but has lost 83.58% since then. Bitcoin Cash is currently trading with a market cap of 2.18 billion with an average daily volume of 10.63 million.