- Bitcoin Cash takes a swing below $200, and tests support at $195
- Bitcoin slipped below $250 on November 18, 2019, after subsequently trading above it for almost 25 days or even beyond
- On the other hand, BCH price slipped below $200 after the month of April–when it was growing, while currently, it is on a return journey
Bitcoin Cash price slips below $200 as the crypto market sheds down bluntly. All the major cryptocurrencies and altcoins, including Bitcoin, Ethereum, XRP, and Litecoin, are losing their worth like a streak. The plunge below $280 was quite abrupt as the supports became totally ineffective.
Bitcoin Cash Price Analysis
Analyzing the 23-day movement of BCH/USD on Coinbase, we see that the coin has been taking a down stride since November 7, 2019, as observed from the Bitcoin Cash price trend. Important to note that within the same duration, Bitcoin Cash price even soared at $308.21, while yesterday it hit bottom at $195.85, showing regression of over 36%.
The downtrend has been quite emphasized as the majority of the red candles took the uptrend to have an inverse scenario where it rapidly shifted to trade under the selling pressure.
The bearish run has been quite emphasized as BTC price trades with exhibiting a new 90-day low below $7,000. The market is such that a reversal to this downfall will require active support levels and support from the short-term moving averages as well.
The MACD of Bitcoin Cash, as observed, is running continuously below zero and currently holds a bearish crossover as the signal line cuts the MACD line.
The RSI of the coin is at 16.77, which shows the prominent oversold region and total emphasis on the selling pressure that BCH coin holds.