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Concerning the Condition of Bitcoin Cash in the Market

Concerning the Condition of Bitcoin Cash in the Market

  • Bitcoin Cash is seen dropping in the current trading cycle.
  • It has dropped beyond its support price of 210$, expected to dip more in the current market condition.
  • Huge selling is observed in the digital asset.

There has been a constant state of chaos in the markets of cryptocurrency, continuous selling in the market is observed because of which prices of many cryptocurrencies are falling beyond their support price.

The same is the case with Bitcoin Cash, a condition of constant pressure have been created on the Bitcoin Cash. Its support price marked at 210$ and 200$ are not looking so strong on looking the condition of the market, though a spike was observed in the price of the asset by it could not go beyond the golden mark of 230$, it applied its breaks at 227$ which is a thing to be concerned of.

Condition of Bitcoin Cash in the Market

A sharp decline was observed in the Sunday trading market in Bitcoin Cash, which is assumed to be the result of slow rising patterns in the short term market of the asset.

Currently, the asset is trading below the mark of 50 SMA in the market which is a big thing to be worried about, if this condition continues and the support at 210$ could not hold on, Bitcoin Cash is assumed to be dropped to directly on its next support of 200$.

And this is the region of total concern as this is the last area for Bitcoin Cash to save its dignity, beyond that area it could thrash to a very deeper dip especially in this condition if market with a very large number sellers present.

Analysis for next week Market

Main market indicators ‘RSI and MACD’ have reported that selling might get increased in the upcoming session as the market grows hot, it is possible that Bitcoin Cash starts the new week with an even slower start which is beginning on Monday.

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About Anurag Agarwal

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Anurag Agarwal is a writer for Thecoinrepublic. He is pursuant of B.tech in biotechnology from M.I.E.T Meerut, who's passion is to read and express through the medium of words. He is contributing the regular in-depth analysis of News and updates.

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