Bitcoin Cash (BCH) is an altcoin that was forked from the Bitcoin blockchain. As per recent news, the BCH price is under immense pressure. The buying and selling of BCH are largely determined by the activity in the BTC market. Usually, a drop in BTC price leads to a fall in BCH price and vice-versa. Past Trends On February 23, 2021, BCH started trading at $630.24. As of March 1st and 2nd 2021, BCH traded around $501.61. Thus, the BCH price has registered a steep fall of 20% in the past week. In the last 24 hours, BCH has been trading between $459.92 and $509.98. https://ift.tt/3q92sV6 Technical for Day-Ahead and Tomorrow Currently, BCH is trading at $500.70. The price has declined from the opening price of $501.35. Thus, the market looks bearish. The RSI indicator is at 46%. Four hours back, it was above 70% in the ‘overbought’ region. Since then it started falling. It faced rejection at 62% and fell further. Thus, selling pressures are high. Thus, the BCH price is likely to go down. The MACD and signal lines are negative. A bearish crossover by the MACD line over the signal line further gives credence to a bearish trend. Thus, the overall market momentum is bearish. Besides, the OBV indicator is declining steadily. Thus, the BCH market is experiencing heavy offloading. Thus, the price is likely to fall further. BCH Price Analysis At present, the BCH price is above the Fibonacci pivot point of $490.50. However, since the bears look stronger, by the end of the day, the price is likely to fall below the first Fibonacci pivot support level of $471.38. The price is now nearing the 76.4% FIB retracement level of $498.17. The price may fall below it as well as below the 61.8% FIB retracement level of $490.86, in some time. To sum up, the bearish trend looks very strong. Hence, the price will continue to fall today as well as tomorrow.
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