The Bitcoin cash market like the Bitcoin market suffered from a sell-off. The value of the 11th largest cryptocurrency with a market cap of $9.90 billion was $528.70. However, in the long-term, this fall formed a part of an on-going trend in the market and may not impact the long-term prospects of the coin.
Bitcoin Cash 1-day chart
Source: BCHUSD on TradingView
The Bitcoin Cash price was earlier supported at $356, however, given the volatility in the Bitcoin market, the value of the digital asset also was pushed higher on the price scale. BCH breached through levels of resistances and its price topped above $656.66, before retracing to $494.
Ever since the price of the Bitcoin hard fork has remained between $494 and $575. This was a consolidation trend in progress and was visible in the long-term chart. This trend may continue and the traders may want to watch out for signs for BCH to break away from this.
Reasoning
The Bollinger bands were noting the volatility in the market to reduce as the price began to move along the aforementioned price level. At the time of writing, the volatility in the market had reduced to a minimum, which would make it possible for the price to move sideways than expect a price swing.
Meanwhile, the Relative Strength Index was noting the market was currently at an equilibrium stage. This meant the buying and the selling pressure were currently evening each other out. This added to the sideways momentum.
Whereas, the Chaikin Money Flow has just dropped under the zero level. This indicated that the money was flowing out of the market, which was a bearish sign. However, over the past few days, the CMF has been oscillating near the zero-level and it may bounce above it.
Conclusion
The current Bitcoin Cash market has been moving sideways with low volatility in the market. The coin may continue this trend in the long-term unless Bitcoin’s volatility impacts BCH’s market.
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