Bitcoin Cash price analysis: BCH decline continues shedding 5.6 percent more

Bitcoin Cash price analysis BCH decline continues shedding percent more

TL;DR Breakdown

  • Bitcoin Cash price analysis is bearish today.
  • Support is standing at $579.
  • Resistance is present at $598.

Bitcoin Cash price analysis shows the coin continues downside today as well after yesterday’s steep plunge. The BCH/USD gained significant value during November, but yesterday’s bears market damaged the cryptocurrency value to a great extent, and yet the downfall hasn’t stopped for BCH as it continues to fall, and today’s decline has nulled out the entire gains of November. So far, no considerable bullish support has appeared, and the next support level is present around the $579 mark.

BCH/USD 1-day price chart: BCH bulls to defend $579 support

The 24-hour Bitcoin Cash price analysis shows that a further decline in the crypto pair’s value has been observed as the price has fallen more today from $599 to $583; the coin is now trading hands at the later value. Overall the BCH/USD shows a loss of 5.6 percent in value over the last 24 hours and around 14.7 percent over the past week. The Trading volume shows an increase of 32 percent over the last 24 hours, which will decrease over the day if the trend continues, as, after yesterday’s, heavy sell of today’s trading volume is actually less. The market cap has also declined by 4.80 percent.

Bitcoin Cash price analysis: BCH decline continues shedding 5.6 percent more 1
BCH/USD 1-day price chart. Source: TradingView

The volatility for BCH/USD is high, with the upper Bollinger band at the $706 mark, and the lower band is at the $545 mark representing support for BCH, and the mean average of the indicator is at the $625 mark, which represents resistance for the coin.

The BCH price fell below the moving average (MA) yesterday, which is trading at $657 above the price level, and the relative strength index (RSI) has fallen drastically to index 42 in the lower half of the neutral zone, the steep curve of the RSI shows heavy selling in the market.

Bitcoin Cash price analysis: Recent developments and further technical indications

The 4-hour Bitcoin Cash price analysis interprets the crypto pair has yet not seen any support from the bullish side, as the second candlestick on the 4-hour chart is also red, indicating further loss; as can be seen on the chart, the price is on downwards trend from last 12 hours again, after a little bullish activity reported yesterday.

Bitcoin Cash price analysis: BCH decline continues shedding 5.6 percent more 2
BCH/USD 4-hours price chart. Source: TradingView

The volatility on the 4-hor chart is high, and the price is trading near the lower limit of the volatility indicator. The lower limit of the Bollinger bands has diverged more compared to the upper limit, which indicates an alarming situation, as the price may now trade below the psychological mark of $600 for some time before rallying higher. The RSI has also stepped into the undersold zone and is trading at index 22; however, the RSI curve is not steeper, and some bullish activity may appear in the coming hours.

Bitcoin Cash price analysis conclusion

The Bitcoin Cash price analysis shows that the coin continues downside today, after going through a heavy sell-off yesterday, losing $83 in value since yesterday. The RSI on the 4-hour chart also shows a bad situation, and we expect the coin to continue downside today as well.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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