Bitcoin Cash Price Trend Manifests Volatility Over 3-Months; Currently Declining

  • BCH coin looks for a support level; yet to give any sign of recovery
  • Technical indicators look bearish while the coin carries selling pressure

Only a shy part of this month has seen the rising crypto market as, since November 6, it is constantly tracing a downtrend.

Bitcoin cash (BCH), resonating with the same market sentiment has been declining for more than a week. The coin started an uptrend in October-end, which has been breached recently.

Today, even the Bitcoin price has marked a close below $7000, which has pushed the investors on edge.

Bitcoin Cash Price Analysis:

In August last week, the price of Bitcoin Cash was as high as $309, and it surged a bit from there to $323 in mid-September. It couldn’t go beyond the price mark and pulled back steeply to $210 with a hefty price decline of 34.83%.

Till October last week, the coin kept consolidating before it saw a minor plunge at $205. Seeing a support level there, BCH price gradually surged by more than 47% to reclaim the price range above $304.

Recently the coin has started a downtrend and is already below $330. At 12:07:30 UTC, the coin is trading at $208.02. As per Bitcoin Cash Price Prediction, the growth of the BCH coin seems to be comparatively slower & the coin’s downtrend has started. BCH for the short term might not be as fruitful as the long term for the investors.

Bitcoin Cash Price Chart
BCH Price Chart By TradingView

The SMA lines have already formed a death cross with a bearish impact while RSI is even below 20, noting an oversold phase of Bitcoin Cash. MACD chart is heading towards a bearish encounter as the MACD line is slipping below the signal line.

Bitcoin Cash is likely to see resistance at $241.46, $256.32, and $265.82 if an uptrend manages to take place, while its support levels stand at $207.1, $206.6 and $192.74.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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