The collective market downturn has persisted with the global market cap failing to rise above the $120 billion mark, leading to major coins remaining in red. Bitcoin Cash [BCH], despite maintaining its fourth spot on the coin ladder, has seen the gap with EOS [EOS] decrease to under $50 million.
Bitcoin Cash has seen its market cap drop to $2.24 billion on the back of a downtrend beginning on January 15, 2018. The current price of the coin is pegged at $127.1, a slight increase from Monday’s low of $125.1.
Coinsuper, the Hong Kong-based cryptocurrency exchange accounts for the highest BCH trade volume of $12.22 million or 6.91 percent in the BCHABC/BTC trading pair. Behind Coinsuper is P2PB2B, a new trading platform boasting a BCH trading volume of $9.95 million or 5.63 percent in the BCH/ETH trading pair.
The one-hour chart points to two significant downtrends varying only in severity, with one ensconcing the other. The bigger downtrend extended from $161.58 to $126.89 and the relatively smaller one extended from $158.71 to $131.89. Within the former downtrend, a brief but noticeable uptrend was witnessed from $123.69 to $127.38.
Bitcoin Cash’s immediate resistance level is placed at $129.36, with a previous resistance level of $137.3. The immediate support level of the coin is $125.33 and an earlier support level was recorded at $121.36.
The Bollinger Bands indicates that the coin’s volatility is on a decline with the prices dropping and the Moving Average line shows a mildly bearish trend.
The Fisher Transform indicates that the coin was trading with bearish momentum at the start of 17 January 2019 but now the Fisher and the Trigger line are crossing over, signaling a change.
The Awesome Oscillator shows that the market was bearish as the AO line dipped below the zero-line but the momentum of the same has decreased.
The one-day trend line is dominated by one significant downtrend immediately post the Bitcoin Cash hardfork on November 15, 2018, which extended from $608.83 to $163.6. Prior to the hardfork, the coin enjoyed an uptrend extending from $448.95 to $607.48.
Bitcoin Cash’s two prominent resistance levels in this particular chart have a 70 percent difference in their price, with a major resistance level from September to just before the hardfork at $654.61 and the recent resistance level of $196.32. During the former period, the support level was $409.5 and the immediate support level is $74.86.
The MACD line shows that the coin was trying to break out of the bearish market and came close during the beginning of the year, currently, it still remains with the bears.
The coin’s Relative Strength Index shows that the demand for the coin has been on a decline since mid-December. At present, the RSI is pegged at 39.56, nearing the oversold level.
The Parabolic SAR indicates that Bitcoin Cash is still stuck in a bearish phase as the dotted lines are aligned above the BCH trend line.