BCH price movements in Tuesday’s session are a reflection of the high volatility that has rocked the broader crypto market. According to CoinGecko, the global crypto market cap is down by 6.8% to $ 2.8 trillion over the past 24 hours. Bitcoin, which tend to set the trend for altcoins, is hovering close to the crucial support level of $60,000 after dropping from Monday’s high of $66,374.98.
For close to a week, Bitcoin Cash has been trading within a rather tight range of between 685.92 and 655.47. However, in Tuesday’s session, heightened volatility in the crypto market has triggered a breakdown. Nonetheless, it remains above 600, which has been a crucial level for the altcoin for the better part of 2021.
At the time of writing, BCH price was down by 6.7% at 621.14. On a two-hour chart, it is trading below the 25 and 50-day exponential moving averages.
Based on both the fundamentals and technical, the crypto will likely remain under pressure in the ensuing sessions. I expect it to remain above the psychological level of 600 as it finds support along Tuesday’s low of 616.82.
In the immediate term, BCH price may trade within a tight range with 640.43 as the upper border. A further rebound will probably place the resistance level along the 25-day EMA at 658.98. However, this thesis will be invalidated by a move below 600.
This post was last modified on Nov 16, 2021, 08:59 GMT 08:59