- Bitcoin Cash has been facing major price correction activity which resulted in the price levels dropping below the crucial mark of $250.00
- The BCH/BTC pair is also performing negative with a loss of 0.52% bringing the current level to 0.02168051 BTC.
The weekly chart of bitcoin cash highlights on both the uptrend and the downfall faced by the cryptoasset from the past week. At the price level of $235.00, the digital asset gained a significant positive move which helped the levels to reach the bullish region of $260.00. However, the major resistance level of $265.00 was completely ready for the bulls and provided a major negative reversal to the price levels again. Thereafter, it has been facing negative momentum and the levels have dropped below the crucial mark of $250.00. The CMP is placed at $248.67 with a loss of 0.11% bringing the market capitalization to $4,612,475,559 with the 24-hour volume traded of $1,542,442,885.
Technical levels Going Down Against BCH
The technical chart highlights the significant downtrend faced by bitcoin cash during the past month which is followed by recovery action this month. With the significant bullish move, the price levels broke 0.382 and 0.5fib levels respectively. However, after reaching the resistance level of $265.00 which is placed at 0.618 on the retracement table, the bears made a comeback with the help of overall market conditions at the same time. Currently, the cryptoasset is trying to maintain sustainability in the price levels above 0.382fib level.
The directional movement index is trending low with ADX(23.36) looking to have a negative crossover with +DI(16.10) and -DI(20.67) moving positive signaling a bearish move.
The commodity channel index is also unable to sustain its bullish levels and had a sharp negative divergence from the overbought region. The current level stands at -39.90.
The relative strength index also lost its bullish levels and is currently trying to avoid oversold region with a level of 47.09.
Will BCH Face More Downtrend In Upcoming Days?
So far, the technical levels and the sentiments regarding bitcoin cash in the market is not looking very positive. Breaking below the $250.00 mark can create a significant negative impact on the cryptoasset for upcoming days. However, if BTC is able to sustain its positive move and its dominance percentage keeps on rising, we can expect a comeback from BCH bulls.
RESISTANCE LEVEL: $260 & $265
SUPPORT LEVEL: $240 & $220
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