BCH drops $1.9 early on and steadies around the $127.36 level.
Bitcoin Cash made an initial break below its 50 day Simple Moving Average at $127.23, a possible indication of a forthcoming negative trend. Bearish sentiment was sufficient to push prices below the known Fib level of $128.47 serving as intraday support. Bitcoin Cash's upper Bollinger Band® is at $130.24 which indicates a further downward move may follow. On the other hand, note that BCH could begin to recover as it approaches significant support, now 34 cents away from $127.7. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts BCH to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Bitcoin Cash is expected to attract significant bearish sentiment in the coming days.
In the meantime, negative performances are also seen in other markets, TRON slumps 3.51% to trade around $0.064. Dogecoin is down to $0.082, losing $0.002, after closing at $0.084 in the preceding trading session.
Positive performances can be seen by looking at other markets as FTX Token jumps 9.54% to trade around $1.36.
BCH is now trading 62.6% below the significant high of $345.63 it set around 11 months ago. Bitcoin Cash is currently trading with a market cap of 2.47 billion with an average daily volume of 139.25 million.