Out of the major coins, the one which had the most aggressive price drop was Bitcoin Cash by far.
Based on a market capitalization which has decreased significantly, the fundamentals also played an important role and these ones were not good at all.
In more than one month, the price of Bitcoin Cash has dropped from 627$ (value which was reached on the 6th of November) to 95$, which is more than 80% and the worries regarding the future of this coin seem to be very relevant.
At this stage, also from the technical perspective, the odds doesn't seem to be very favorable at all as long as there is a contradiction between the technical indicators as it follows:
- The RSI is 17, meaning that the price is considered "oversold". But this scenario was caught off since the 19th of November and we couldn't see any "bounce back" yet.
- The Stochastic is also below the level of 20 since the 17th of November but even if we could see many crossovers since then, none of it signaled any "correction" of the price
- Starting with the 9th of December, the MACD has finally "jumped" above the Signal but we could see 2 red candlesticks instead
- Even if the ones above are indicating that a price increase may come any time soon, the trading volumes are still very low, meaning that we shouldn't expect for big changes.
Overall, the bearish trend which has "officially" started on the 14th of November (once the price has crossed the 20 days Moving Average) seem to last longer and if the trading volumes will remain the same, probably we'll see an attempt of reaching the Pivot Value of 124.26$, followed by another price drop towards the Support Level of 69.19$.
Based on a market capitalization which has decreased significantly, the fundamentals also played an important role and these ones were not good at all.
In more than one month, the price of Bitcoin Cash has dropped from 627$ (value which was reached on the 6th of November) to 95$, which is more than 80% and the worries regarding the future of this coin seem to be very relevant.
At this stage, also from the technical perspective, the odds doesn't seem to be very favorable at all as long as there is a contradiction between the technical indicators as it follows:
- The RSI is 17, meaning that the price is considered "oversold". But this scenario was caught off since the 19th of November and we couldn't see any "bounce back" yet.
- The Stochastic is also below the level of 20 since the 17th of November but even if we could see many crossovers since then, none of it signaled any "correction" of the price
- Starting with the 9th of December, the MACD has finally "jumped" above the Signal but we could see 2 red candlesticks instead
- Even if the ones above are indicating that a price increase may come any time soon, the trading volumes are still very low, meaning that we shouldn't expect for big changes.
Overall, the bearish trend which has "officially" started on the 14th of November (once the price has crossed the 20 days Moving Average) seem to last longer and if the trading volumes will remain the same, probably we'll see an attempt of reaching the Pivot Value of 124.26$, followed by another price drop towards the Support Level of 69.19$.
Trade closed: target reached:
the trade was closed on profit
