Bitcoin Cash (BCH) Tries to Hold a Stable Outlook After Hefty Price Loss
- Bitcoin Cash exhibits flattish recovery; it is still vulnerable to volatility
After a bullish and positive week, the market saw a rough, harsh, and turbulent spell yesterday. At this moment, the recovery doesn’t seem any close as the market is still yearning for a strong upward momentum.
Bitcoin Cash, resonating with the same sentiment, is looking for a strong support level to start a notable recovery of its valuation.
- The currency has formed a minor dip today below $228; yesterday’s price decline took the price below $225
It is today when the BCH coin has seen yet another price plunge below $230. Yesterday’s blow was the stronger one where it went even below $225. Price levels below $224 have acted as a support level. A minimal rebound took place there but, the recovery doesn’t seem to be stimulant enough for now.
However, in recent hours, Bitcoin Cash has attempted a few upward moving candles. These have crossed the 50-day moving average. Considering the current market scenario, the coin must be still vulnerable to volatility.
- The technical indicators here are giving mixed signs
The MACD indicator is in the bullish zone while the moving averages are in the negative zone. The short-term SMA line is below the longer one. The BCH price is way below the 200-day EMA here.