Bitcoin Cash (BCH): Dead or just motionless

The market has been bearish for the last few weeks. Bitcoin Cash previously had a support at $150. However, the asset broke below the supports areas at $125, $110 and $100. It stayed above the $100 level for some time before tumbling further towards $80 (yearly lows).

At the moment, Bitcoin Cash is trading at $82 after a slight recovery from $80.00 (lows). The crypto is literally motionless at this level unable to correct higher. Slightly above this level, BCH/USD will face resistance at the 50 simple moving average on the hourly timeframe chart at $86 (seller concentration zone). A little above this level, a hurdle exists at $88 which will give the bulls a hard time before pulling towards $90.00.

Technical levels as shown by the indicators are positive. Meanwhile the RSI is retreating from the oversold but currently holds position at 42.00. During the declines yesterday the indicator sunk to levels at 9.00 as BCH broke below a support level formed at $86.00. The MACD has reversed the trend from heading south and is currently in a range around -1.1036. The bullish correction in progress at the moment is weak and risks a reversal to the support at $80.00. The bulls can however prevent further drop by defending the short-term support at $82.00.