- Bitcoin Cash bears outperform themselves as Bitcoin Cash plunges 14% on the day.
- Bitcoin Cash is currently trading at $264 after finding support at $260.
Bitcoin Cash is leading the market in terms of the losses recorded today. The current bear pressure shows how bears are outperforming themselves. Bitcoin Cash has corrected upwards since the beginning of last week. Although the market was generally bullish, BCH/USD curved its own path and stepped above $300 to form a high around $333.69.
All attempts to push the price to the above high were thwarted by bear pressure and a range limit established at $352. The trading that followed towards the end of last week and this week has formed lower lows and lower highs. However, the bear pressure on Thursday has been nothing but devastating to the bulls. The short-lived BCH/USD surge has now culminated in losses of more than 14% in less than 24 hours.
The price is now dropping further down below both the 100 SMA and the 200 SMA 1-hour. The range support at $280 caved in giving the bears a clear passage. Bitcoin Cash is currently trading at $264 after finding support at $260. In spite of the support, the Relative Strength Index (RSI) 1-hour is still dropping in the oversold. The moving average convergence divergence (MACD) in the same range is trending lower in the bear territory. It is important that the support at $260 is defended by all means to ensure that Bitcoin Cash does not sink to levels close to $200.
BCH/USD 1-hour chart
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