According to recent days, Bitcoin Cash has seen huge losses in the market, which is explained by its recent 6.58% loss. Experts noted that this recent bearish run was expected because altcoins were seeing a high turn in fortunes. With the altcoin’s fortunes skyrocketing, the market witnessed massive selling pressure, which brought the price to today’s. The bears are waiting to drag the market further below if it eventually slides below its 9 day moving average and 21 day moving average.
Bitcoin Cash is presently in a decline run
From an upside view, the digital asset would need to cross over the respective moving averages of it wants the bulls to take over and drive it up. If the bulls take over the market, they need to drive the digital asset past the first resistance figure of $600. If the bulls are successful in their quest above the first resistance, they would need further help from traders to drive above the $620 resistance before going above the $640 resistance figure.
The Relative Strength Index of the asset is presently showing that it is going way below the 60 level, which means that sell-off is still present and the market will continue to make a decline. If the asset moves above the moving averages in the same vein, it could witness the uptrend or consolidate. Notably, if the asset consolidates, it promises that a bullish turn is about to occur.
The support of the digital asset is set around $400, and if the asset falls below that, the $350 level will support it. If the bears choose to take it further below, the asset will gain comfort because the $300 level is its last support. Against Bitcoin, the digital asset has continued to keep the declining level with a short surge expected to happen in the coming days.
In the move downward, the Relative Strength Index of the asset is now around the 40 level, and a move below shows that the bears could settle down in the market as well. If it breaks below the channel, it could find its first support around 1000 Satoshi. If buyers could input their energy into the market, the first resistance would be 1300 Satoshi. A retest of its previous level would see the digital asset touch the 900 Satoshi region.