Bitcoin cash is in a decline fashion as the digital asset is gradually closing on its moving averages in its latest chart. Since the last time out, the digital asset has continued to slow down as the latest support level of $430 is looking like its final destination at the moment.
Despite the asset holding tight close to the airport level at $430, it has suffered some losses compared to previous trading days. However, experts have predicted better things concerning the digital asset, with some of a strong belief that the digital asset would climb back into an uptrend zone in the coming days.
Traders show optimism in the Bitcoin Cash market
Even with the optimism, a trade below both the 9 and 21 day moving averages will see the digital asset resume another bearish run, which could spell danger. If the coin eventually drops below the moving averages level, it would have support ready to steady around $380. If support fails to hold it steady at that price level, then the much-anticipated decline would have formed, and the digital asset would go the ways of the bears.
According to the Relative Strength Index reading, If the digital asset eventually moves further below, it would break below the 50 level and touch the next support level at $360. If the bears decide to take it further down, the other support levels at $340 and $320 would be waiting for the trader’s action to hold the coin steady.
BCH/BTC trade analysis
In its trade against king crypto, Bitcoin, it shows that traders are still pushing their weight behind the coin as it has seen a small uptick against the leading asset. However, going by the recent signs in the market of late, the digital asset might resume another decline, which means that it would see a further downward turn against Bitcoin. The only saving grace that the market might enjoy is the market activity, as that is the only factor that can help the digital asset from the pressure of moving in a bearish direction.
With the market failing to move above the 40 level of its Relative Strength Index, it might trade lower against Bitcoin if it leaves its present location at 0.011 BTC. A further decline would see the digital asset go close to its support level of 0.009 BTC if it crosses further down below into the lower boundary. If the digital asset sees market factors backing them, it could make a surge and move close to around 0.014 Satoshi against Bitcoin.