Over the last week, Bitcoin Cash (BCH) has seen a prevailing bearish trend that has kept traders on their toes. Between February 26th and March 5th, 2019, BCH prices declined by more than 10.3% — a fact represented by a loss of nearly $200 million in market capitalization. However, in the last 24 hours, there has been a massive price spike, pushing the growth percentage to more than 6%.
Bitcoin Cash (BCH) Last Weeks Bearish Trend
The Mean Average Center Deviation plots further short term price depreciation as the sell pressures mount. With all conservative analysis, it’ll be safe to assume the price may fall to sub $124 levels in the coming weeks.
With the lower demand area supports at the $125.35 and $120.36 ranges breached, an uptick post-March 4th lows were expected. With the current swing fulfilling the market pressure, a bearish trend will now more than likely take over.
In the best case scenario, the positive channel that has developed in the last 24 hours could push the prices to as high as $136 over the coming days. But the impending bearish bias may lead to a bullish pinbar market reversal, potentially seeing the price return to $115-$120.
Traders remain bullish with the current turn of events and positive adoption news, coupled with a steady stream of optimism and support from the community and merchants using the asset. In the past, such simple positive reinforcement from the wider public has been effective in reversing even massive bearish pressures.
— KennLend (@kennlend) March 3, 2019
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