The Bitcoin Cash Token currently costs € 163.60. As a result, investors had to cope with a loss of over 11% again last week. If you look at the entire last month, the minus is even clearer. Here, the loss in value is now over 30%. However, as is well known, every descent comes to an end. Are there signs in sight at Bitcoin Cash that it will soon bottom out? In order to clarify this, we carry out a chart analysis.
Bitcoin Cash Price Analysis
As early as 2018, Advent brought huge losses to crypto currencies. Although there is no absolute draft this year, Bitcoin Cash has been losing value for weeks. The Bitcoin Cash rate is going down and down and there seems to be no end in sight at the moment. But is that really the case? If the case is currently slowing down, an early turnaround could become probable. Then now could be a very good time to buy Bitcoin Cash. To determine how likely this assumption is, let’s first look at some hard facts about the popular cryptocurrency.
It is very good to see where the journey is currently going. While the monthly maximum was the entire month ago, a new monthly minimum only occurred today. These two values are not only far apart in time. Bitcoin Cash owners have lost almost € 80 per coin over the past 30 days. So the trend seems to be going down sharply. But are there signs that a turnaround is in the offing? Next, we’ll ask about momentum.
30 days of momentum vs. 7 days of momentum
The momentum for the last 30 days can be described as negative, but neutral. For you as an investor, this means that the Bitcoin Cash price was declining, but the rate of decline has neither accelerated nor slowed down. First of all, this speaks for a stable fall. Now let’s add momentum for the past seven days. This is also negative, but falling significantly. The past week was therefore characterized by an acceleration in the decline in value. It can therefore be said that there should be no improvement in Bitcoin Cash for the next few days and weeks.
Hardly any symbols or tips at BCH
If you look at a Bitcoin cash chart from the past week, you will first notice the relatively low volatility. Except for a negative mast, there are hardly any peaks or special structures. One could interpret this as a kind of trend confirmation. Interest in the coin appears to be rather low at the moment and there are no quick purchases and sales. This could lead to the conclusion that the negative drive will continue for a few more days.