Bitcoin Cash is consolidating around the $108.12 level after dropping $3.31 at the start of the trading session.
Bitcoin Cash could begin to recover as it approaches significant support, now $1.78 away from $109.9. Dipping below could be an indication that further losses are ahead. Bitcoin Cash made an initial break below its 50 day Simple Moving Average at $110, a possible indication of a forthcoming negative trend. Bearish sentiment was sufficient to push prices below the known Fib level of $110.9 serving as intraday support.
Looking forward, BCH is poised to extend its strong downtrend and continue declining.
In the meantime, negative performances are also seen in other markets, Dogecoin is down $0.007 from the beginning of the session and now trades around $0.093. Binance Coin dips 5.42% to trade around $291.87. Litecoin is down $3.94 from the beginning of the session and now trades around $71.16.
Bitcoin Cash reached a significant high of $586.92 around 11 months ago but has lost 81% since then. Bitcoin Cash has a market cap of 2 billion with an average daily volume of 14.45 million.