BCH Trade Below $100 a Possibility

Bit­coin Cash’s price is up by a per­cent­age point in today’s trad­ing ses­sion, a day after its prices plunged by 8.8 per cent. Today’s rise in the mar­ket is also a rever­sal of the past five trad­ing ses­sions, which have been aggres­sive­ly bear­ish and have seen Bit­coin cash val­ue drop­ping by 15 per cent.

One of the main rea­sons we may have seen the recent plunge of Bit­coin cash is due to the cur­rent bear­ish cryp­tocur­ren­cy indus­try trend. Also, Bit­coin Cash’s sig­nif­i­cant pos­i­tive cor­re­la­tion with Bit­coin, which is cur­rent­ly get­ting bat­tered in the mar­kets, may also be a con­tribut­ing factor.

Bitcoin Cash Price Prediction

Look­ing at the tech­ni­cal aspect of the Bit­coin cash, it is high­ly like­ly that the cur­rent bear­ish trend we have seen for the past week is in response to the Bit­coin cash price hit­ting the upper trend line of the descend­ing chan­nel. The chan­nel, which start­ed on July 29, a day after Bit­coin Cash price surged by 22 per cent, has per­sist­ed for the past two months.

On Sep­tem­ber 9, the Bit­coin Cash price pierced through the upper trend­line of the descend­ing chan­nel in what appeared to be a break­out at the time. How­ev­er, the prices failed to con­tin­ue with the break­out, and dur­ing the ses­sion, the prices dropped back inside the descend­ing chan­nel, start­ing the cur­rent strong and aggres­sive push to the downside. 

Since then, the prices have con­tin­ued to trade down­wards, set­ting a four-day con­sec­u­tive bear­ish trend that result­ed in a price drop of 15 per cent.  Despite today’s trad­ing ses­sion price going up by a per­cent­age point, my Bit­coin price Pre­dic­tion expects the bear­ish trend to con­tin­ue falling, with a pos­si­ble trade below the $108 sup­port lev­el in the offing.

There is also a high like­li­hood that we might see prices trad­ing below the $100 price lev­el in the next few ses­sions if the Bit­coin Cash price break­out of the descend­ing channel’s low­er trend line in the next few trad­ing ses­sions. My analy­sis will be inval­i­dat­ed by prices trad­ing above yesterday’s price high of 133.

Bitcoin Cash Daily Chart