- Bitcoin Cash meets the conceptual round level of $100 during a downtrend.
- Volatility may increase soon if bulls move into action.
- Bitcoin Cash is down slightly by 0.3% at 0.005983 satoshis, along with the Bitcoin pair.
The crypto market looks less volatile today, while the total market cap stands at $810.36 billion. But still intraday speculators are looking for opportunities despite the sideways market. Meanwhile, Bitcoin Cash (BCH) continues to attract traders due to key trading levels at press time.
At the time of writing, bitcoin cash price trades at $100.7 against USDT. At this price point, both the bears and the bulls are trying to gain a foothold in the market. The price action of bitcoin cash is bearish as it is near the 5-month top so the buyers are likely to break further if it loses the $100 support level.
Price action constructs higher-lows and lower-highs in each time frame. Hence bears took advantage of the bearish pattern of falling channels. Later on, asset price stays above the midline of this following pattern and below this level, buyers may see blood bath until annual bottom level.
Market capitalization slipped less than 2 billion in last few hours. While Bitcoin Cash price stands above the $100 support zone, Market cap reported $1.94 billion as per CMC. buyers must maintain this support level in any condition. Meanwhile trading volume decreased 17% last night.
Make or break situation exists as of now and volatility may increase soon if bulls get into action. Following the selloff, the bears are drawing a fourth bearish candle this week, resulting in bitcoin cash price reaching the lower-band of the Bollinger Bands indicator on the daily as well as the weekly time frame.
However, if the buyers hold the $100 support, the RSI indicator is residing above the mark, showing slight positivity in the market.
Conclusion
This week, volatility decreased as bitcoin cash price settled just above the $100 support. Any further drop in bitcoin below $16,500 could present a selling opportunity for the BCH bears.
Support level – $100 and $85
Resistance level – $120 and $155
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/12/21/can-bitcoin-cash-investors-carry-a-bullish-call-near-two-year-bottom/