Bitcoin Cash is grinding lower from $134.36 to $132.73, shedding $1.63 (1.21%) today.
Bitcoin Cash made an initial break below its 21 day Simple Moving Average at $132.73, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $133.15 currently serving as support. If price action breaks below, the next Fib hurdle is $129.39. Despite this, Bitcoin Cash could begin to recover as it approaches significant support, now 78 cents away from $131.95. 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, EOS closed at $1.18 (down 2.53%). Algorand USD is trading around $0.244 (down $0.007).
Other assets are showing positive performances as FTX Token jumps 9.54% to trade around $1.36.
Bitcoin Cash reached a significant high of $385.82 around 11 months ago but has lost 65.17% since then. BCH is currently trading with a market cap of 2.57 billion with an average daily volume of 212.11 million.