Like most of the altcoin market, Bitcoin Cash price depreciated over the week. BCH has continued to decline as Bitcoin has tried to recover its losses since then.
At the time of writing, Bitcoin Cash is trading at $ 477 with a market value of $ 8.9 billion. Over the past 24 hours, BCH has recorded a sharp price drop on the charts before gaining some stability.
1 hour Bitcoin Cash price analysis
BCH’s daily chart illustrated the aforementioned drop quite well. The trading price of cryptocurrency has dropped at the beginning of the week and bearish pressure is still evident at the time of writing. Although the Altcoin stabilized around the $ 468 support level, it managed to break it from time to time as well. If that support fails, BCH could see it heading towards the $ 424 price range soon.
But the cryptocurrency’s resistance levels are far away. BCH did not pass the $ 563 instantaneous resistance yesterday, and if there is a successful venture today, BCH could soon begin its recovery process. Given the constant downward pressure in the market, there may be more price drops in the coming days, which may give short positions an advantage.
The technical indicators of the cryptocurrency did not point to the possibility of BCH’s recovery operation to begin anytime soon. The MACD indicator showed a bearish trend, and while the RSI agreed and entered the oversold zone, the seller showed no signs of reversal, highlighting the strong presence of the market.
The price of BCH can be expected to drop again in the next few days, as the market is dominated by sellers. This could push the price towards the $ 424 support before an upward move is made.