After closing at $138.62 today, Bitcoin Cash opened today at $138.62, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, Bitcoin Cash retains a distinct $137.55 to $139.43 daily range.
Bitcoin Cash's upper Bollinger Band® is at $145.14 which indicates a further downward move may follow. In contrast, Bitcoin Cash could begin to recover as it approaches significant support, now $1.3 away from $136.45. Dipping below could be an indication that further losses are ahead.
In the short term, BCH is expected to maintain its recent downtrend and continue spiralling lower.
In the meantime, negative performances are also seen in other markets, Tezos USD is down to $1.31, losing $0.029, after closing at $1.34 in the preceding trading session.
Positive performances can be seen by looking at other markets as FTX Token rallies 9.54% to trade around $1.36. Binance Coin is up 0.94% to $311.
BCH has managed to gain 42.78% so far this year despite trading at lows around $88.95 previously. BCH has a market cap of 2.66 billion with an average daily volume of 156.68 million.