Bitcoin Cash (BCH) Bulls are Resilient but Still Appears to Be Losing the Fight

Bitcoin Cash’s price has moved up by 9.28% within 24-hours. Consequently, this has placed it as the second token to have experienced the largest price increase in a day.

 

However, this market is revealing that despite the impressive performance of buyers in this market, they appear to be losing momentum, which holds  notable significance in this market.

 

Bitcoin Cash Statistics
BCH Value Now: $283.00
BCH Market Cap: $5,529,198,070
Bitcoin Cash Circulating Supply: 19,441,563 BCH   
BCH Total Supply: 19,441,563 BCH
Bitcoin Cash CoinMarketCap Ranking: 14

 

Major Price Levels:
Top: $283.00, $330.00, and $380.00
Base: $253.00, $233.00, and $203.00

Bitcoin (BCH) Bulls Are Bleeding Out

 

The ongoing session in the Bitcoin Cash daily market maintains that buyers are having the upper hand. This is primarily due to the price increase that has been recorded. The last price candle on this chart has a longer shadow on the buyer’s side than on the seller’s side of the market.

 

Consequently, this indicates that the sellers are pulling down prices in this market. Additionally, even though the current price level in this market is still above the 9- and 21-day Moving Average (MA) lines, the Relative Strength Index (RSI) lines can be seen running toward the oversold region of the indicator.

 

Consequently, this further strengthens the suspicion that downward momentum is gradually picking up in this market.

BCH Price Movements Seem to be Eyeing a Support at the $270.00 Mark

 

The BCH/USDT 4-hour market is revealing the true nature of what was developing on the daily market. Here, it could be seen that price action is picking up bearish momentum gradually.

 

Over the past 8 hours, two red short-bodied price candles have appeared on the 4-hour chart, which suggests a minor downward correction of prices. The last price candle has brought prices closer to the support formed by the 21-day MA line.

 

Meanwhile, the lines of the RSI indicator have delivered a downward crossover in the overbought region for this market. Consequently, this further aligns with the prediction of prices approaching lower support around $265.00.

Buy BCH on eToro