After enjoying a nice stay in the green zone, all the crypto assets were seen slumping by a huge majority. Bitcoin Cash [BCH], XRP, Bitcoin SV [BSV], and several other coins were seen dipping into new lows. XRP even got into trouble for recording a major drop. At the time of writing, the altcoin was depreciating by 8.51% over the last 24-hours. Bitcoin continued to stay in the $22K zone after hitting multiple all-time highs over the course of the last week. A few coins like Cardano [ADA], Polkadot [DOT], and Monero [XMR], however, remained safe as they continued their uptrend.
At the time of writing, Bitcoin Cash was trading for $312.63 with a 3.41% drop in the last 24-hours. The asset had managed to secure gains up to 10% over the last seven days. BCH was recently surpassed by Litecoin [LTC] in terms of market cap. BCH currently sits as the sixth largest coin with a market cap of $5.803 billion.
Bitcoin Cash [BCH] One Hour Price Chart
In the short term price chart of Bitcoin Cash, the asset was seen gearing up for a trend reversal. BCH had formed a descending triangle pattern with two downward sloping lines. The upper trend line was identified with lower highs at, $377.09, $371.94 as well as $315.30. The lower trend line formed lower lows at $300.90 and $297.90. This pattern quite often breaks out in an upward direction.
The daily moving average formed a bullish crossover and followed the pattern. The 50 daily moving average [Blue] was seen above the 100 daily moving average [Red]. This crossover is considered to be a bullish one.
Bitcoin Cash [BCH] Price Chart With Indicators
All the indicators were pointing in the direction of the bulls. The Awesome Oscillator indicator had formed green closing bars which suggested the presence of bulls. The MACD indicator was moving from the bears onto the bulls. In the one-hour chart of BCH, the MACD line was seen overtaking the signal line.