BCH weakened earlier in the day, before moving away from its $117 low and recovering back to $117.22.
Bitcoin Cash made an initial break below its 200 day Simple Moving Average at $118.25, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $118.37 currently serving as support. If price action breaks below, the next Fib hurdle is $115.25. In contrast, BCH could begin to recover as it approaches significant support, now $1.08 away from $118.3. Dipping below could be an indication that further losses are ahead. BCH's lower Bollinger Band® is at $115.4, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for Bitcoin Cash.
In the meantime, negative performances are also seen in other markets, MaticNetwork USD slides down 3.64% to trade around $0.953. EOS decreases 2.19% to trade around $1.03.
Other assets are showing positive performances as FTX Token is up 9.54%.
Over the past a year, BCH has retreated 62.26% from a noteworthy peak of $316.1. BCH is currently trading with a market cap of 2.27 billion with an average daily volume of 109.96 million.