https://ift.tt/hPOSYw0 Cash price analysis: BCH bears drive price to $266.5 lower low after a downswing

TL;DR Breakdown

• Bitcoin Cash price analysis is bearish.
• Price has been reduced up to $266.5.
• Support for BCH/USD is present at $259.

The Bitcoin cash price analysis is firmly bearish for the day as the price has decreased to $266.5 in the last four hours. The bears have regained their momentum in a steady manner and crashed the market spectacularly. The recent bearish drive started back on 16th February, when bears halted the BCH price from going above the $343 level by causing a shift in the trends. The price action has been downwards for the entire last week, and a heavy sell-off has been observed today, which has brought the price down to the 13th December 2020 level, quite an unfavorable situation for the crypto pair.

BCH/USD 1-day price chart: BCH loses 12 percent more amid a market crash

The one-day Bitcoin cash price analysis report is going in favor of the bears, as the price has decreased up to $266.5 today. Previously there have been ongoing variations in the market trends, but these continual encounters have finally ended up with the bears at the lead, as the price has covered downward movement, and a sort of market crash has been observed today.

The moving average (MA) value is settled at $300 after undergoing a crossover with SMA 50. The volatility is increasing on the 1-day price chart, which means that the future might hold unfavorable circumstances. The Bollinger bands are settled at the following levels; the upper band is at $362 while the lower band is at $275. The price level has come below the lower limit of the indicator. The RSI score has also been decreased to index 32 as well as the indicator is trading at a steep downwards curve.

Bitcoin Cash price analysis: Recent developments and further technical indications

The bears are once again at the upper position, according to the four-hour Bitcoin cash price analysis. The downtrend has caused the price to move down to the $265.6 level, as the cryptocurrency underwent severe loss. The price function has been downwards for the last 24 hours as the bearish momentum has gained strength.

The moving average (MA) is showing its value at $286 as it continues to trade below the SMA 50 curve. Meanwhile, the Bollinger bands are making an average of $289.41 as well. The upper strand of the Bollinger bands indicators is at $312.6 now, while the lower strand is now touching $266.2. The volatility is increasing at a high pace because the area between the Bollinger bands is increasing. The RSI shows the coin is underbought at the moment as the RSI score is going down because of the bearish pressure, and it has reached index 27 in the underbought region.

Bitcoin Cash price analysis conclusion

The bears have made an impactful comeback, as has been confirmed from the one-day and the four-hour Bitcoin cash price analysis. There has been a constant degradation in the price levels as the bears are at the upper hand. The price has decreased up to $265.7, which has cast a negative effect on the overall BCH market value. The support is present at $259, which might help the bulls in taking the lead in the future.

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