Bitcoin Cash, with a bearish candlewick, is seen breaching the lower Bollinger Band and is following the negative market sentiment. BCH price has been under the bearish radar just like any other altcoin of the market and is simply failing to breach the stringent resistance at $281 and significant resistance at $335.
However, despite the pullback in the price, Bitcoin Cash is seen ranked amongst the top 5 cryptos of the market. Alongside, the largest cryptocurrency by market capitalization is also seen consolidating below $14k for the longest time now and with no traction in the price of BTC and aligned altcoins.
Bitcoin Cash Price Analysis
Today, Bitcoin Cash price spotted at $242.41 after a bearish candlewick hitting the lower Bollinger band. It was at the onset of August when BCH/USD was seen breaching $300 and even $335 but failed to trade persistently and corrected downwards. At this point in time, Bitcoin Cash has lost over 25% value and has, therefore, led to take support from 200-day daily MA but is continuing to reclaim support from 50-day MA at $240.
The volatile price movement remains intact, and we expect a breakout soon as per the current formation of Bollinger Bands. Alongside, the bearish crossover happened on the MACD chart as the candlewick pulled back and hit the lower 20-day Bollinger Band. The RSI is seen inclining from the overbought region towards the oversold region and currently lies at 42.61.