Bitcoin Cash (BCH) is currently trying to rise from the lows. The altcoin rose to $ 379 on December 21, but fell as low as $ 308 with yesterday’s strong selling wave. Sales continued today and BCH once hit a $ 275 low.
While a key support pair is breached in the process, the uncertainty on the short-term chart is evident for Bitcoin Cash, as the token may face a sudden recovery or further correction in the market. Currently, Bitcoin Cash has a market cap of $ 5.7 billion and ranks 6th on the charts.
The highs and lows detected on Bitcoin Cash’s chart have been the same since the end of November, with a range of $ 266 and $ 347 largely preserved. However, after Bitcoin reached its new ATH, some changes should have occurred.
Bitcoin Cash has lost traction from the collective market and its recent fall can be interpreted as an example of weak correlation with Bitcoin. Currently falling to $ 275 after losing support at $ 308, BCH is struggling to win the $ 300 band again.
A bullish rebound could drive the asset back to $ 347, while a continued correction could drag the altcoin up to $ 260.
Market conditions for BCH / USDT
EMA values signal a reversal as they approach each other on the charts. A shift towards a period of ascension remains a possibility. The Stochastic RSI shows that the settlement in the oversold zone is definitely a short term event. MACD, on the other hand, gives other signals that the bearish period will continue.
The price action of Bitcoin Cash is currently highly volatile and forward price fluctuations can be expected. It is a positive sign that the value may remain above $ 300, but the trend may change rapidly in the next few days.