The asset began the day in the green zones as it appreciated overnight. But Bitcoin’s slight fall to the $55,000 mark could have led to the recent Bitcoin Cash decline. The industry’s position is not uniform as many assets gained despite Bitcoin’s return to the $55,000 zone. This price fall could cause more price drops for Bitcoin Cash if it eventually crosses below the $500 mark as it shows a bearish outlook.
The support has to hold the cryptocurrency, or investors would suffer the price loss, making an uptrend harder to have. Fortunately, the industry would likely push the industry into the green zones as many cryptos report strong bullish signals, meaning that holders would make outstanding profits during these times. This is good to know since cryptocurrencies have been fluctuating in value since February ending.
Bitcoin Cash continues to fluctuate
Bitcoin Cash holders should understand that some significant resistance points they asset would have to face to assure higher gains. The resistance marks are $640, $660, and $680. On the other hand, the support holds around $440, $420, and $400. Still, the asset’s movement is not consistent, making it hard to predict its next movement.
Although the asset has been showing bullish strength signs, that might not be the case anymore as it continues falling down the charts. The asset’s bulls have not gathered enough strength to help the crypto bypass its present resistance levels.
It’s safe to note that charts are already picking up a pattern regarding new price behaviors. The charts reveal how Bitcoin Cash usually starts the day in the red or green zone but sees the reverse as the day ends. The volatile nature of assets makes them unpredictable, but this pattern shows that anything can happen with digital assets.
The asset’s next movement would be to consolidate as it waits for a cross beneath the 21-day MA. Today, Bitcoin Cash was slightly up but fall to the $527 mark soon after, meaning that the pattern could be put to play here. At this crucial point, the support has to hold the price, or the price fall could be drastic.
BCH moving into the bearish zone
Charts show that a fall below the $500 mark could send the crypto towards the $440 price points and lower. On the flip side, if the asset appreciates, the next step could be retaking the $630 price points before taking other significant resistance.
This would be good news for Bitcoin Cash holders as that price would be the week’s highest, but the current RSI (14) is moving below the 50-level, meaning that the asset was shifting from the bullish zones. The crypto’s RSI (14) would be around the 60-level and above for an uptrend to happen.
When comparing Bitcoin Cash to Bitcoin, the former is not performing as well as it should due to the continuous bearish movements that led to the loss of the asset’s gains. Still, buyers are interested in the market and are often buying the dip for a long-term hold.
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