- Bitcoin Cash (BCH) price is following a downtrend under a descending parallel channel.
- Buyers lost a key $100 defense zone amid the weekly decline.
- The ADX indicator supports the downtrend as its peak resides at the 26 mark.
Bitcoin Cash (BCH) price is currently under the control of the bears as the market leader Bitcoin consolidated towards the $16,500 level. With small losses, the crypto market appears neutral due to low volatility. Investors are about to welcome another financial year 2023, so this consolidation can be considered for the upcoming value recovery.
Bitcoin Cash price action attracted lower-highs and lower-lows on higher time frames. The dominance of sellers is clearly visible on the descending trend line, while the bulls barely manage to move BCH price above the support area of this formation. As of now, selling pressure remains subdued as long as the price of the crypto remains above the median (dotted blue).
Amid sharp downtrend, Buyers lost a vital defending zone of $100, flipped into the immediate resistance zone. Meanwhile, Bitcoin Cash against the USDT traded at $96 at press time. Today, bears kept BCH price lower nearly 2.24%, resulting in, market capitalization recorded at $1.85 Billion.
Interestingly, trading volume hints sellers’ aggressiveness in market has increased for the past few days. Thus volume reported at $141 billion overnight along with a 25% rise. As well as, ADX indicator favors downtrend as its peak stays at 26 mark.
After a major breakdown, buyers are ready to accumulate BCH token at its annual bottom of $87, which is the last hope of recovery.
Over the daily price scale, daily RSI peak is going to clatter the door of oversold zone. RSI represents the strong selling in Bitcoin Cash as it spends nearly 20 days below the semi-line. In addition, MACD indicator is still moving lower in negative territory.
The Bitcoin Cash (BCH) price moved out of the weekly low. This selling occurs because of round level breakdown. For upcoming days, the $87 bottom level will provide the price pump.
Support level – $87 and $80
Resistance level – $100 and $110
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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