- Bitcoin Cash investors barely managed a price above the $100 conceptual round level during the sell-off.
- Recently BCH price is showing a bounce above the lows of the Bollinger Bands indicator on the daily price chart.
- The market cap of the Bitcoin Cash coin has again climbed above $2.2 billion in the past 24 hours.
Bitcoin Cash is following the decline as Bitcoin reached the conceptual round level of $20K during the downtrend. There is no doubt that the entire crypto market has been in a sharp downtrend for the past several weeks.
The total crypto market cap fell below $900 billion during the sell-off, down 1.6% over the past 24 hours, according to CMC. But on the other hand, the market cap of the Bitcoin Cash coin has jumped from $2.2 billion to $2.2 billion in the past 24 hours.
There are only a few cryptocurrencies being seen in the green zone today and BCH is one of them. Thus, at the time of writing, the altcoin is trading at the $115 mark against the USDT pair. Last night, the volume bar moved above the moving averages in favor of the bulls, indicating that there is an important deaf zone for the bulls in the conceptual round level of $100.
Volatility appears to be higher than in the past few weeks, and the high volatility has led to liquidation of many retail speculators. But even then, the bulls will have to fight as hard as possible to reverse the bearish trend in the coming weeks.
The bitcoin cash coin price belonging to the bitcoin pair is trading up 7.1% in the green zone, at 0.00585 satoshis. However, BCH price is showing a bounce above the lower levels of the Bollinger Bands indicator on the daily price chart.
RSI is oversold
In the context of the daily price chart, the Stoch RSI, as well as the simple RSI indicator, have become oversold. Where the simple RSI has seen a sharp decline in the last 15 days. This week’s indicators are showing bearish signs.
Bitcoin Cash investors are again going to see a solid bearish weekend where they have lost almost 22% so far. The technical indicators are going bearish for this week. A short-term bullish move is likely if the bulls manage the crucial $100 level.
Support level – $100 and $90
Resistance level – $130 and $150
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.