Bitcoin Cash remains range-bound within a $108.24 to $109.81 range but falls to $108.32 in choppy trade.
Trend-following investors would be interested to note that despite being in the red so far in the current trading session, Bitcoin Cash peaked above its 10 day Simple Moving Average around $109.64 — typically an early indicator of a new bullish trend beginning to emerge. Japanese candlestick formations show 'Bearish Harami' is a candlestick chart indicator used for detecting reversals within a prevailing bull trend. It is generally indicated by a small price decrease that's contained within a broader upward price movement and is commonly associated with a bullish trend coming to an end. Asset volatility analysis shows that BCH's upper Bollinger Band® is at $113.79 which indicates a further downward move may follow. Technical chart analysis shows Bitcoin Cash could begin to recover as it approaches significant support, now $1.11 away from $107.2. Dipping below could be an indication that further losses are ahead.
Notwithstanding Bitcoin Cash's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
In the meantime, negative performances are also seen in other markets, Bitcoin descends 2.21% to trade around $17,423. Ethereum descends 2.94% to trade around $1,271. Dogecoin stumbles 2.75% to trade around $0.086.
11 months ago Bitcoin Cash reached a significant high of $458.68 but has consequently lost 76.21% since then. Bitcoin Cash has a market cap of 2 billion with an average daily volume of 8.55 million.