Bitcoin Cash price analysis: Range support could cave in
|- Bitcoin Cash threatens the range support as bears increase activity.
- The path of least resistance is downside and is likely to remain the same in the coming days.
Bitcoin Cash price has been range bound between the upper limit at $110 and the range support around $92.00. However, the asset has continued to correct lower within the range. At the time of writing Bitcoin cash is down more than 7% on the day and the declines are threatening to break below the mentioned range support.
Bitcoin Cash is still finding its balance in the market following the instability caused by the hard fork. The hash war between the Bitcoin ABC and Bitcoin SV communities appears to have calm down. This means that the two crypto projects can now concentrate on development. The $1.7 billion digital asset sit in the 6th position according to CoinMarketCap. It has a 24-hour trading volume of $68 million in the last 24 hours.
Meanwhile, Bitcoin Cash is trading at $93 and is below the moving averages in the hourly range. The bears are battling to take control of the price, besides, the RSI is currently deep inside the oversold region for the first time since December 7. The MACD has crossed back below the mean line to show that the selling activity is rising. The path of least resistance is downside and is likely to remain the same in the coming days.
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