{"id":211597,"date":"2022-01-09T01:00:31","date_gmt":"2022-01-08T19:30:31","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=211597"},"modified":"2022-01-08T14:42:52","modified_gmt":"2022-01-08T09:12:52","slug":"bitcoin-cash-looked-unhealthy-as-it-lost-the-range-lows-while","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-cash-looked-unhealthy-as-it-lost-the-range-lows-while\/","title":{"rendered":"Bitcoin Cash looked unhealthy as it lost the range lows while…"},"content":{"rendered":"

Bitcoin<\/a> has been steadily dropping over the past two weeks from the $52k highs. In the same period of time, Bitcoin Cash has also slid a similar percentage value down its charts. Bitcoin still had strong support right below where it was trading at press time, and Bitcoin Cash too appeared to have a little further lower to go before it could see strong demand.<\/p>\n

BCH- 1D<\/h3>\n
\"\"<\/a>
Source: BCH\/USDT<\/a> on TradingView<\/figcaption><\/figure>\n

In December, the $500 area was flipped decisively from support to resistance. Since then, the price has weakly clung to the $420 level as support. On the charts, the price appeared to have established a range (white) over the past six months.<\/p>\n

The range had its highs at $735 and lows at $420, with the mid-point at $575.<\/p>\n

In mid-June and early December, the price wicked sharply below $420. It even closed a daily candle below $420 in mid-July, but demand was quick to arrive and forced the price to climb back to the range highs.<\/p>\n

However, the past few weeks have been very discouraging for BCH bulls as the $420 failed to hold as support. The next levels of support to look out for were at $369 and $326.<\/p>\n

Rationale<\/h3>\n
\"\"<\/a>
Source: BCH\/USDT<\/a> on TradingView<\/figcaption><\/figure>\n

The 21-day moving average (orange) was moving well below the 55-day moving average (green), to show strong bearish momentum.<\/p>\n

The RSI was at 30, a place where the price had bounced from all throughout the time BCH had been within the aforementioned range.<\/p>\n

The Chaikin Money Flow was above -0.05, which showed that capital flow was not dominated by either buyers or sellers at the time of writing.<\/p>\n

Conclusion<\/h3>\n

The steady drop Bitcoin Cash has seen below $420, with no reaction yet from buyers, was worrisome for the bulls. This could see Bitcoin Cash drop much farther and flip $420 from demand to supply in the coming weeks.<\/p>\n

On the other hand, a strong performance from Bitcoin in the next few weeks will very likely drag Bitcoin Cash upward as well and could help BCH break past $420.<\/p>\n

In either case, BCH was not at a favorable price to buy or sell. A move back above $420 would indicate some bullish presence, and a retest of the range lows as support can be used as a buying opportunity with a tight stop-loss.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin has been steadily dropping over the past two weeks from the $52k highs. In the same period of time, Bitcoin Cash has also slid a similar percentage value down its charts. 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