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Bitcoin Cash [BCH] Price Analysis: Coin on bearish side of a sideways market

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Bitcoin Cash [BCH] Price Analysis: Coin on the Bearish side of a sideways-trading market
Source: Pixabay

Bitcoin Cash [BCH] managed to edge out the bears, showing only a minor decline, while several coins saw dismal lows.

At press time, Bitcoin Cash fell against the US dollar by 0.14 percent and was trading at $132.33. The market cap of the coin stood at $2.33 billion, well behind Litecoin [LTC], which had a market cap of $2.89 billion.

In terms of exchange dominance, the coin’s trading volume ranked highly on P2PB2B, which took the first and third spots. It accounted for 11.28 percent and 7.5 percent of the total BCH trade volume, with the trading pairs BCH/BTC and BCH/USD respectively.

1-hour

Source: Trading View

The one-hour chart for Bitcoin Cash [BCH] showed two notable inclines. The first pushed the coin up from $128.96 to $132.46, and the other from $130.09 to $132.21, following which the coin declined.

Bitcoin Cash found immediate support at $129.28, while the coin’s resistance level stood at $133.33. At press time, the coin was hovering close to the resistance level.

The Bollinger Bands indicated stable volatility in the bearish coin market.

The Chaikin Money Flow tool indicated a fall in investment into BCH coins, as the CMF line was well below 0.

The Awesome Oscillator’s red concluding bars indicated falling short-term momentum for the coin and by extension, more bearish movement.

1-day

Source: Trading View

In the long-term, BCH indicated severe bearish activity, following the hardfork.

While the immediate resistance level of the coin stood at $153.12, the coin found immediate support at $120.06, a level it dipped below in early-February,

The Parabolic SAR projected more bearish movement for the coin as the dotted lines were above the coin’s trend line.

The Relative Strength Index indicated that investor interest in BCH declined, as the RSI dropped from 69.17 to 49.06.

The MACD Line showed that despite a bullish swing in February, market sentiments suggested impending bearish movement for the coin.

Conclusion

Bitcoin Cash was trading on the bearish side, with no bullish signs ahead. The short-term indicators pointed to a decrease in volatility and a drop in investor interest and hence, a steady price decline. The long-term indicators also showed weak investor interest and an overwhelming bearish trend.

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