- Bitcoin Cash “Crypto Winter” period has just entered a fresh phase testing yearly lows.
- The declines in Bitcoin Cash has everybody in the community on the edge.
The market is a sea of red at the moment. The declines in the market have becomes unstoppable. The bulls are running out of moves as bears increase their grip on the price. Bitcoin Cash (BCH) has been experiencing devastating spirals. Other larger assets like Bitcoin (BTC) and Ethereum (ETH) are also victims to the overwhelming selling pressure. This period in the market is referred to as the “crypto winter”. It is a period where the market sees extended declines like the current status in the market.
At the time of writing Bitcoin Cash is trading at $116.4 and is down 15.42% in the last 24 hours. The asset has a market capitalization of $2 million and a 24-hour trading volume of about $110 million. The majority of Bitcoin Cash Trading volume went through Upbit exchange which took up 12.58% in BCH/KRW trading pair. The daily charts show that Bitcoin Cash has corrected lower by 9%.
Bitcoin Cash price is grinding lower within a descending channel. The asset does not appear to have found a bottom following the volatility and declines that began after the hard fork that took place on November 15. BCH/USD needs to recover and come out of the bear channel. A move that will also face resistance at both the 50 SMA and the 100 SMA. The buyers have begun returning to the market as technical indicators send positive signals. RSI has retreated from the oversold while the MACD is heading upwards after hitting lows of -2.16 on the day.
The declines in Bitcoin Cash has everybody on the edge considering the fact that it traded almost at $4,000 in December last year. Investors are trouble and waiting for a reversal that is already long overdue. The situation is not unique to Bitcoin Cash although, the community has been affected greatly following the split of the chain last month.
BCH/USD 15’ chart
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