Bitcoin Cash Price Analysis: Bearish Market Movements Lead to Continued Decline in BCH

2018-11-14 19:04

When Binance announced its support for the upcoming Bitcoin Cash hard fork, a price spike was catalyzed in the fourth largest cryptocurrency by market cap. The price spike continued with further exchanges announcing their support for the hard fork but, the price has since started to retrace.

Today’s bearish market movements have resulted in Bitcoin Cash depreciating approximately 10% over the past 24 hours, making it among the largest losers in the top 100 cryptocurrencies. The decline seemed to be meeting support yesterday at the daily 50 EMA but today’s bearish movements resulted in price breaking sharply below.

The declines have been on significant volume showing real strength behind the move. Momentum is strongly on the side of sellers with both the daily RSI and MACD decreasing. The price spike which occurred when Binance announced its support for the hard fork took the price from $420 to around $630.

Price currently trades at $475, after retracing the majority of its gains. The hard fork is scheduled to take place tomorrow, and those who hold Bitcoin Cash on exchanges which are supporting the hard fork will receive the forked version of the cryptocurrency in a 1:1 ratio with their Bitcoin Cash holdings.

Bitcoin Cash Daily Chart – Source: Tradingview.com Key Takeaways: Bitcoin Cash continues to decline and breaks sharply below 50 EMA support. Hard fork of the cryptocurrency is scheduled to take place tomorrow and holders of Bitcoin Cash on supported exchanges will receive the forked version of the cryptocurrency in a 1:1 ratio. Price is after retracing the majority of its gains that occurred in the build-up to the fork. Momentum is currently strongly on the side of the sellers so further declines are likely. DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.

Bitcoin Cash Price Analysis: Bearish Market Movements Lead to Continued Decline in BCH was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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Cashcoin (CASH) на Currencies.ru

$ 0.0004289 (+0.63%)
Объем 24H $2
Изменеия 24h: -19.83 %, 7d: -30.46 %
Cегодня L: $0.0004262 - H: $0.0005443
Капитализация $22.93k Rank 99999
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price bitcoin market cash continued bearish movements

Источник: blokt.com

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