- 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.
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.