It has been a cold winter in the crypto world with major names being involved in a bloodbath. Bitcoin Cash price analysis have continued to slump for nearly everyone from the biggest to the supporting players. For example, Bitcoin itself has breached the $7,000 support level and is now trading at the high $6,000s. If the trends stay the same, then the plunge can take it to the $6,200 in the not so distant future. As for the smaller alt coins, Bitcoin Cash is experiencing its own downtrend. The $195 support level has now been breached and $190 has taken its place.
Intense bearish pressure has made these movements inevitable. The bulls tried to keep the damage minimal but the bears would not have it. The latter eventually overpowered the former and we ended up with this continuation of the larger downtrend. However, there is light at the end of the tunnel. At least, that is what the optimistic investors want to think after the recent events. A drop to $190 could lead to a correction which may propel BCH to the $220 level. It remains to be seen whether this will hold true or not.
The RSi remains under 30 which is a strong oversold zone. If Bitcoin Cash is to make any significant recovery, then the bullish buyers must act now and increase the purchases such that price can get up to the $200 level again on its way to the $220 resistance level. That is a lofty goal given all that has been happening to the markets. For now, perhaps the bullish investors are simply happy to reduce their loses and wait for the whole crypto world to recover. It will then surely make a run to the top.
Everybody is watching closely to see where the market is headed. BCH’s big brother is still the barometer for all of the digital token trends given its price, volume, awareness, and acceptance. Wherever it goes, everyone else will follow. Now the BTC price has gone under the psychological barrier of $7,000. While it rebounded a bit to $6,900 after testing $6,800, people wonder whether the bounce was good enough. The market seems to be undecided as to where it wants to head. There needs to be a big news for people to start taking decisive steps either way.
This Bitcoin Cash price analysis brings little relief to BCH holders but buyers might be tempted due to the low entry.
