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Bitcoin Cash [BCH] Price Analysis: Bears return as market correction precipitates decline

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Bitcoin Cash [BCH] Price Analysis: Bears return as market correction initiates decline
Source: Pixabay

Bitcoin Cash [BCH] was pulled down by the bears following two successive cycles of bullish movement. Following the uptrends between 15 -18 March, the bears have returned to keep the sixth largest cryptocurrency company.

At press time, the coin had declined against the US dollar by 3.10 percent, and was trading at $156.12. The market cap of the coin stood at $2.79 billion, behind EOS by $580 million.

LBank took the top spot in terms of global BCH trading volume, accounting for 8.32 percent of the total volume via the trading pair BCH/BTC. Other exchanges with significant BCH trading volumes were ZBG, Huobi Global, and P2PB2B.

1-hour

The one-hour BCH chart showed two prominent uptrends, with the first pulling the price up from $132.26 to $156.58, and the next from $147.84 to $163.64. Between the two uptrends, the coin bowed to market correction forces, and fell from $155.58 to $148.25.

Bitcoin Cash found immediate support at $146.48, which the coin had shot up above. The immediate resistance level stood at $163.76.

The Bollinger Bands indicated reduced volatility as the coin’s price had stabilized, while the Moving Average line pointed to a bearish phase for the coin.

The Chaikin Money Flow tool showed a decrease in the money inflow into BCH tokens, as the CMF line had dipped below 0.

The Awesome Oscillator indicated a decrease in short-term momentum. Further, with the concluding bars turning red, bearish movement was in the offing.

1-day

The one-day chart showed two notable trends, the first from $128.03 to $152.76, and the second from $150.85 to $131.02.

Bitcoin Cash found immediate support at $118.42, with the price at press time soaring above the support level. The immediate resistance level was formed at $160.67.

The Parabolic SAR pointed to a bullish run for the coin, as the dotted markers were below the coin’s trend line.

The MACD also indicated a return of the bulls as the Signal line was below the MACD line.

The Relative Strength Index pointed to a significant increase in investor interest as the RSI had risen from 46 to 70.04, before dropping to 65.93.

Conclusion



The Bitcoin Cash market was buoyed by two successive uptrends, that saw the coin break multiple resistance levels, and register a price of over $160 for the first time in over two months. In the short term, the momentum was down, money flow was negative and the volatility was low.

The long-term indicators gave bullish projections for the coin. However, with market correction imminent, the Bitcoin Cash bears were anticipated to resurface and surge.





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Analysis

Top Losers: XRP, Bitcoin Cash [BCH], Litecoin [LTC] & EOS bleed as Bitcoin [BTC] falls below $5,600

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Top Losers: XRP, Bitcoin Cash [BCH], Litecoin [LTC], EOS [EOS] bleed out as Bitcoin [BTC] descends below $5,600
Source: Pixabay

Bitcoin’s [BTC] rise has been cut short, with the king coin’s fall below $5,600 triggering a market downturn. In its wake, several coins were leaving a trail of red, bleeding out the gains mounted over the past week. These included XRP, Bitcoin Cash [BCH], Litecoin [LTC], and EOS [EOS] with several coins following suit.

Source: TradingView

XRP witnessed a massive decline of over 8.5 percent, leading to its price being thrown off a cliff. As Bitcoin began its descent, XRP saw its price, which was holding steady at $0.33, drop to under $0.30 within a matter of hours. The coin’s market cap also took a heavy hit, losing over $1 billion since the bears attacked.

Bitcoin Cash, just weeks after overtaking Litecoin and EOS, was subjected to its big brother’s bearish onslaught, dropping by over 8.86 percent over the past 24-hours. Bitcoin bulls had previously pushed the coin’s price past $300, but less than a day later, the price dipped below $280, a testament to the severity of the market correction. Within the same period, the market cap dipped below $5 billion, and was $4.91 billion, at press time.

Despite some bullish behaviour in the wake of the impending halving, Litecoin could not escape the digital gold’s bears. LTC’s price also dipped by 8 percent, dropping from $79.35 to $72.20, over the past 24-hours. Market capitalization also took a severe hit, with the coin losing over $400 million since the downtrend began.



EOS, mirroring XRP’s movement, fell by 8.35 percent over 24 hours. After weeks of trading just below the $6 mark, EOS was pushed below the $5 mark, plummeting to $4.91. The market cap for the fifth largest cryptocurrency in the market dropped by almost 9 percent since April 23, losing around $400 million. It was valued at $4.64 billion, at press time.

The bearish trail did not end with these coins, with the collective market marred in a sea of red. Other notable losers were Stellar Lumens [XLM], Cardano [ADA], and Tron [TRX]. Bitcoin SV [BSV] and Binance Coin [BNB] also lost considerable ground, but their reasons are unlikely to be tethered to Bitcoin.





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