The native cryptocurrency of the Bitcoin Cash network (BCH) has had a tough time these past few days. The cryptocurrency traded below the period 55 of the moving average. This is a clear indication of a bearish trend on the weekly price chart. This morning, the quotes of Bitcoin Cash were moving towards the middle part of the Bollinger indicator bars. The price is expected to test the $480.00 level. If it gets to this level, it will most likely start falling toward the $370.50 level. The downward trend is strong and the bulls need to gather momentum if there is to be any hope for recovery.
Bitcoin Cash (BCH) Price Analysis
On the price chart, the conservative sales bar has breached the upper part of the Bollinger indicator which is at $480.50. The only way to prevent more decline is if the Bollinger indicators and the period 55 moving average breakdown. The pair quotations need to close above $550.00 for a bullish trend to start between the Bitcoin Cash and USD trading pair. If the price breaks down from the lower range of the boundary, the fall will accelerate below the $400.
Bitcoin Cash Price Analysis Now!
At the time of writing, Bitcoin Cash was trading in red. Bitcoin Cash is trading at $436.24. Against the USD, Bitcoin Cash is trading 3.00% lower. Against the Bitcoin, Bitcoin Cash is down by 2.68%. The trading volume over a 24 hour period is $290,996,953 while the total market capitalization is $7,569,284,124. The next few days of trading will determine if the bulls will gather enough momentum to change the price action or the bears will continue to take the lead until the price falls below $400. Created to be a better version of Bitcoin, Bitcoin Cash currently has a circulating supply of 17,351,038 and an expected maximum supply of 21,000,000. This is according to the data on CoinMarketCap.