RATE Group | BCH/USD search for a bottom becomes torturous
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BCH/USD search for a bottom becomes torturous

12 Mar BCH/USD search for a bottom becomes torturous

Posted at 05:38h in Bitcoin News by

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  • Bitcoin Cash price plummets to test the key support at $250.
  • Recovery from the dip steps above $250 but lacks the momentum to face other resistance zones at $264 and $270.

Bitcoin Cash price has not been spared by the carnage going around the market. If anything BCH is among the worst-hit cryptos by the bearish wave ravaging through the market. Bitcoin Cash has lost almost 50% of its value from its peak in February at $499. The bearish leg extended under the broken support at $260 to test the buyer congestion zone at $250. An ongoing shallow recovery is attempting to correct the 2.4% loss suffered on the day. Besides, BCH/USD is exchanging hands at $260 at the time of writing.

Bitcoin Cash price technical picture

In spite of the losses suffered the bulls have a strong zeal to rise above the selling pressure and relaunch the upward trajectory. The RSI is pointing downwards in the 4-hour range, however, it is likely to recover before hitting the oversold area….

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