- Summary:
- Since July 28, Bitcoin Cash's price has traded within a descending channel, which has seen it lose over 30 per cent of its value.
Since July 28, Bitcoin Cash’s price has traded within a descending channel, which has seen it lose over 30 per cent of its value. In today’s trading session, the long-term bearish trend looks to be continuing, with Bitcoin Cash already down by a percentage point.
However, unlike past price drops, the recent drop in the value of Bitcoin Cash has been partly due to the current bearish trend of the cryptocurrency industry. In the past two weeks, we have seen Bitcoin prices sliding to trade below the $20,000 price level.
Today, Bitcoin is trading further down and below the $19,000 price level. Bitcoin Cash, a fork of Bitcoin, is significantly correlated with the Bitcoin trend. Therefore, the recent slide in the market has also seen its prices getting dragged down.
Bitcoin Cash Price Prediction
Looking at the chart below, we can see Bitcoin Cash has traded within a descending channel since July 28. During that time, we have seen its prices falling by more than 30 per cent to today’s price of $111. Recently, we can also see Bitcoin Cash’s price hit the lower trend line of the descending channel. As expected, the prices failed to break above and instead started the current aggressive push to the downside.
The chart also shows Bitcoin Cash’s price has traded below the Williams Alligator indicator for more than a week. This is an indication of strong bearish signals that are still persistent into today’s trading session.
Therefore, based on these observations, my Bitcoin Cash price prediction expects the current bearish trend to continue. There is a high likelihood we might see prices dropping below the $108 support level. There is also a high likelihood that, in the long term, we might be looking at Bitcoin Cash price trading below the $100 psychological level. My bearish analysis will be invalidated if prices move above the $120 price level.
Bitcoin Cash Daily Chart
