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Bitcoin Cash [BCH] Continues Sideways For Now But a Drop May Be Due

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Bitcoin Cash has been continuing to trade in an important range around $100 for the past several days after a sharp decline took place spurred by a hard fork of the network which resulted in two separate networks forming. Price has moved from $630 around one week to prior to the hard fork in mid-November to a 2018 low around $93.

Bitcoin Cash Daily Chart – Source: TradingView.com

Bitcoin Cash entered into a similar trading range around $170 to $190 before continuing on its downward trajectory. It is likely that Bitcoin Cash will also continue on its downward trajectory after this trading range given the current state of the market. Conditions are extremely bearish with many cryptocurrencies including market leader Bitcoin forming 2018 lows.

We may be approaching the end of this trading range and continuing to move to the downside with price declining from around $100 today to trading near the lower end of the range. Momentum is on the side of the sellers with both RSI and MACD decreasing to the downside.

Bitcoin Cash Hourly Chart – Source: TradingView.com

Key Takeaways:

  • Bitcoin Cash has been trading in a range around $100 to $93 after a prolonged decline which has taken place since a hard fork in mid-November.
  • Bitcoin Cash has depreciated from $630 where it was priced one week prior to last months hard fork.
  • Bitcoin Cash will likely continue to decrease as it has continued to decrease to the lower end of the trading range. Short-term momentum is on the side of sellers with both the RSI and MACD decreasing.

Bitcoin Cash [BCH] Continues Sideways For Now But a Drop May Be Due was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.