Bitcoin Cash [BCH] has managed to maintain the high it achieved earlier this week when it surged by 7% and is currently trading at over $125. The collective crypto market declined on January 25, shaving $1 billion as major coins now see red.
At press time, the top-10 is split with some coins increasing and some decreasing, with BCH marginally falling in the latter. The fourth largest cryptocurrency in the market has declined by less than one percent against the U.S. dollar as the market cap has fallen below $2.3 billion and is currently pegged at $2.23 billion.
In terms of exchange volume division, L-Bank leads the charge, accounting for $25.73 million or 10.76 percent of the total volume in the BCH/BTC trading pair. Following up is P2PB2B in the next three spots with the following pairs BCB/USD, BCH/BTC, and BCH/ETH with 6.98 percent, 6.61 percent and 6.12 percent of trade volume respectively.
The mid-week price increase stands out in the one-hour chart, which extended from $120.94 to $129.29. The uptrend is quite noticeable sandwiched in between two downtrends, the first prior to the incline from $128.49 to $122.36 and the next post the incline from $133.92 to $128.20.
Bitcoin Cash boasts an immediate key support level of $125.28, which the coin is closely approaching. The immediate key resistance level of the coin is $134.25 which the coin passed earlier last week.
The Bollinger Bands point to an increase in the volatility as the price looks to decline. The Moving Average line points to a bearish market.
The Fisher Transform line points to a bearish market, which commenced at the beginning of the trading day on 25 January 2019.
The Chaikin Money Flow indicator points to a bearish market as well, as the CMF line has dipped below 0.
Bitcoin Cash has still not managed to escape the memories of the November 2018 hardfork, which initiated a downtrend that still persists. The downtrend, which towers over the latter end of the trend line extends from $630.58 to $135.35. Prior to the downtrend, the coin enjoyed a rapid uptrend lasting from $418.19 to $634.94.
The immediate support for the coin stands at $74.74, with the immediate resistance at $197.89. The previous support and resistance level portrayed evidently how negative the BCH market has been since the hardfork, with the pre-November support being $412.54 and the resistance being $650.92.
The MACD line indicates that the coin is still trading with bearish momentum.
The Relative Strength Index indicates that despite a very small uptick, the coins’ RSI has dropped.
The Parabolic SAR shows that the coin is trading in a bearish market as the dotted lines are aligned above the coin’s trend line.
Since the November hardfork, Bitcoin Cash has been bearish in the long run, facing no respite. In the short run, the coin’s mid-week high has now subsided and the prices are looking to decline. The indicators point to slip below the support level if the current market trend continues.