The cryptocurrency market took a dive during the weekend and recovered slightly on Monday. Unfortunately, Tuesday was marked with another slope in price that brought the big players to their knees. Bitcoin Cash wasn’t left out and from the price charts, it is getting ready to take even lower dips. There is a bearish pattern forming on the charts indicating that a potential dip is on the way. Bitcoin Cash fell by 3% on Tuesday and it will fall even more today.
Bitcoin Cash Price Analysis
Bitcoin Cash has been unable to bounce off the June 10th low falling by 3% during what is now being referred to as “Bloody Tuesday”. The drop isn’t unique to Bitcoin Cash. All major coins are facing significant loses and there is no saying how much more they will lose.
The price charts indicate that the Bitcoin Cash to USD price action is starting to trade in range following the heavy hit that shakened the market and increased the selling pressure. There is now a bearish pattern which indicates that a lower fall in price may be on the way.
The price support is near $907.50 which is at the lower area of the bearish pattern. If there is a breach in price, the demand zone will come into play around $885-9000. From the upside, the resistance is at the 50 moving average, $933, the 100 moving average $941 and the upper part of the bearish pattern which is $950. This is based on the 30-minute Bitcoin Cash to USD price analysis.
While just one variable isn’t responsible for the crash, the entire cryptocurrency market is experiencing the same problem. It has nothing to do with the Bitcoin Cash as a network. Different factors from the hack on Coinrail, the decrease in transaction volume and the prevalence of regulatory uncertainties have contributed to the fall in price in the cryptoverse.
The next few trading sessions will determine if there is hope for an upside swing soon.