Bitcoin Cash [BCH] Price Analysis: Coin plummets as bears maul collective market

After reaching a significant high last week, the collective coin market tanked, dropping by a whopping $14 billion on February 24. Bitcoin Cash [BCH] opened the week as the worst-performing coin in the top-10 list, as double-digit declines marred the price of Ethereum [ETH], XRP, EOS, Litecoin [LTC], and Stellar Lumens [XLM] as well.

Bitcoin Cash declined by 14.64 percent against the US dollar at press time and was trading at $132.60. Over the past 24 hours, the market cap of the coin slipped from $2.75 billion to $2.3 billion, a 16.45 percent decline.

In terms of exchange volume, LBank took the first and the third spot via the trading pairs BCH/BTC and BCH/USDT, accounting for $76.29 million or 13.06 percent and $31.72 or 5.43 percent of the trade volume, respectively. Sandwiched in between was Huobi Global, with the BCH/USDT trading pair which registered a volume of $39.05 million.

1-hour

The one-hour trend line showed a massive decline in one swoop, resulting in the coin’s price plummeting from $154.38 to $130.19. Prior to the same, the coin shot up from $141.01 to $155.59

Immediate support in the short-term was found at $126.42, a stark difference from the previous support level of $138.76. The coin’s immediate resistance level was at $155.83, which the coin touched at 0200 UTC on 24 February.

The Bollinger Bands showed a massive volatility increase as the prices rose and fell rapidly, while the Moving Average line pointed to a bearish market.

The Relative Strength Indicator showed that the coin’s RSI shot up to 82.55 on 23 February, following which it dipped down to 18.72 a day later. At press time, the investor interest was returning with an RSI increase to 31.63.

The MACD Line showed that the coin was in a bearish market.

1-day:

The one-day price chart showed two prominent candlesticks mirroring each other but in different colours, as the previous week began with a high and ended with an unprecedented low. BCH just recovered from a massive downtrend, that began in early-January, and brought down the price from $198.22 to $131.33.

Bitcoin Cash was pushed below its immediate resistance level placed at $153.26, which the coin touched two days earlier. The immediate support level was placed at $108.55.

The Parabolic SAR pointed to a switch from a bullish to bearish trend as the dotted lines were looking to cut through the trend line, eventually moving above it.

The Chaikin Money Flow showed a steep fall in the inflow of money into BCH tokens, but the CMF line stabilized at 0.

The Fisher Transform Line showed that the bulls overtook the bears on 24 February.

Conclusion

The overwhelming trend of the market, at the time of press, was bearish. Bitcoin Cash showed a massive increase in volatility due to the coin’s fluctuating price movements. However, the RSI showed a recent increase in investor interest which the coin hopes to translate into a price rise.