The bear’s hold on the market seems to be tighter with well-known cryptocurrencies such as Bitcoin [BTC], Bitcoin Cash [BCH] and Ethereum [ETH]. Investors have been calling the bottom on some cryptocurrencies, but we are yet to know if there will be any drastic changes to the support and resistance levels.
The trend lines reveals a downtrend with the Bitcoin Cash [BCH] support holding at $426.80. Bitcoin Cash’s resistance has been at $452.54 with its price coming close to it on one occasion. A massive bearish drop was also revealed by the downward trend, from $443.56 to $437.51 within an hour.
A mix of bearish and bullish signals has been revealed by the Parabolic SAR, with the markers indicating sporadic bearish falls and bullish spikes. The indicator reveals that BCH is staying more in the bear’s hold.
Signs of Bitcoin Cash staying predominantly bearish was revealed by the Awesome Oscillator, with a drop in market momentum. Also, according to the graph, the bearish momentum has in every case surpassed that of the bullish momentum.
BCH freefalling towards the oversold zone was well indicated by the Relative Strength Index [RSI]. The very bug drop here tells us that the selling pressure has a higher increase compared to the buying pressure.
The trend lines reveals that in the past few weeks, the support has been broken multiple times. This downward trend is clearly noticeable by Bitcoin Cash falling to one of its lowest support levels this year. The support for the daily graph is presently holding at $416.
BCH has been put in the process of an outbreak end, with both bands converging revealing a bearish price trend. Most of the outbreaks experienced earlier shows that BCH is under attack by the bear. The MACD histogram is interspersed with bullish and bearish runs. Simultaneously, both the MACD line and the signal line have converged with the MACD line on the verge of a bullish uptrend.
Bitcoin Cash is a cryptocurrency and trades on digital currency exchanges such as Coinbase, Kraken, ShapeShift, Bitstamp, and Gemini making use of the Bitcoin Cash name as well as the BCH ticker symbol for the cryptocurrency. The BCC ticker symbol is used by a few other exchanges, though BCC is commonly used for Bitconnect.
On March 26th 2018, due to inadequate liquidity, all Bitcoin Cash trading pairs except for BCH/BTC, BCH/ETH and BCH/USDT were removed by OKEx. As at May 2018, Bitcoin Cash’s daily transaction numbers are about one-tenth of those of bitcoin.
By November 2017, Bitcoin Cash, who once had a value as high as $900, fell to levels around $300, which was as a result of people who had originally held Bitcoin selling off the Bitcoin Cash they received at the hard fork.
For some more time, the bearish market might likely continue having a few bullish spikes in between. The Awesome Oscillator, the Bollinger bands, Parabolic SAR, and RSI all indicates a bearish run while a bull reign was only indicated by the MACD.