Tanya Abrosimova
Independent Analyst
- BCH bears pushed the coin to $1,200, recovery is limited.
- $1,100 may attract fresh buying interest.
Bitcoin Cash dropped to $1,220 early on Wednesday, with the downside trend gaining traction. BCH/USD is changing hands at $1,247 at the time of writing. BCH has lost over 23% on a weekly basis.
Bitcoin Cash is the fourth largest coin with market cap over $21.5B and daily average trading volume over $1B.
Bitcoin Cash fork took place on May 15, which is regarded as one of the bearish factors for the digital assets. The fork was made with the primary goal to update protocol and increase the block size from 8 Mb to 32 Mb. Now new coin was born as a result.
Bitcoin Cash technical picture
Bitcoin Cash broke below $1,400 support on Tuesday, which increased the bearish pressure and triggered an extended sell-off towards $1,200. Once this level is cleared, $1,100 will come into focus. This support area is strengthened by 50-DMA and 100-DMA ($1,100 and $1,130 respectively). On the upside, the coin needs to get back above $1,400, which coincides with 200-DMA to improve the technical picture.
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