After achieving a high of $123.18 billion, not seen since mid-January, and following last week’s bullish $9 billion top-up on the global market cap, proponents were hoping for yet another uptrend. However, the market seeped backward to drop to $120.2 billion. Bitcoin Cash [BCH], has been pushed down to the sixth spot, following a resounding surge of the Litecoin [LTC] and EOS [EOS] prices.
Bitcoin Cash has currently edged down the US dollar by 1.1 percent, with the coin now trading at $122.91 and posing a market cap of $2.16 billion, nearly $350 million behind Litecoin in fifth.
In terms of exchange dominance, the top-three spots are taken by the exchange P2PB2B, in the trading pairs, BCH/USD, BCH/ETH, and BCH/BTC, accounting for the following BCH volumes, $15.23 million, or 7.17 percent, $14.53 million, or 6.84 percent and $14.23 million, or 6.7 percent.
In terms of the short-term one-hour chart, Bitcoin Cash was pushed up significantly at the close of the previous week from $115.78 to $129.22, following which the coin suffered a downtrend from $125.98 to $$121.64.
Bitcoin Cash finds immediate support at $118.41, which the coin was pushed close to on 12 February. The immediate resistance of the coin stands at $126.02 which the coin touched at the beginning of the week.
The Bollinger Bands point to a decline in the volatility of the coin as the Moving Average line points to a mild bearish swing for the coin.
The Chaikin Money flow tool points to an outflow in the money investors are pumping into Bitcoin Cash, as the CMF line is below 0.
The Fisher Transform line shows that the coin is in a bearish trading zone as the Fisher line has been overtaken by the Trigger line.
The Bitcoin Cash one-day chart points to an overwhelming bearish trend for the coin, post the hardfork, which some late stable movement. The coin has been trading on the back of a downtrend, extending from $635.38 to $130.14. Within and prior to the downtrend, the coin shot up, firstly from $449.05 to $628.22 and the second from $90.72 to $197.02.
In terms of the immediate support level for BCH in the one-day chart, the same stands at $108.64 and the immediate resistance level stands at $127.75.
The Parabolic SAR has switched from favoring the bulls to the bears as the dotted lines are now aligned above the coin’s trend line.
The Relative Strength Index points to a fairly decreasing trend of investor sentiments, as the RSI has dipped from 53.49 to the press time valuation of 46.17.
The MACD line shows that the coin is in a bearish zone since mid-November. The coin has since come close to breaking into the bullish zone with its most notable effort coming in early-January.
Bitcoin Cash was pushed up significantly last week, owing to the collective market bulls and has managed to sustain that high, until now. In the short-term, major indicators point to a slip for the coin, indicating bearish waves. In the long term, Bitcoin Cash is pushing the stabilizing boundaries, but recent long-term indicators primarily the Parabolic SAR and the MACD line show a bearish switch in the coin’s market, sparking some concern.