- The bear trend in the market appears to be ignited by the U.S. SEC as it increases its grip on the cryptocurrency products.
- Bitcoin Cash failed to find support at $500 and $480 and now it’s testing $400.
The cryptocurrency market is proving to be worse than the dot-com era after losing over $640 billion. Moreover, the tailspin is still fresh, besides the U.S. Securities and Exchange Commission (SEC) suspension of a couple of crypto trading productions continues to ignite the bears. In addition to that, the same regulator made an announcement yesterday stating that it is taking action against a couple of crypto companies. The first company is said to offer “first regulated crypto asset fund in the United States” and the second one is an “ICO Superstore.”
Bitcoin Cash is trading at a loss of more than 5% on a daily basis. The digital asset has shed at least 23.65% of its value since September 1. The fall that occurred following the brief surge from the opening monthly price of $541 to $657 has crashed the spirits of the investors. Technical indicators showed that $500 was a lifeline support but the overarching bear pressure in the market shattered its way through and past the next support at $480.
Bitcoin Cash is currently trading at $412 and risking a drop below $400. The general trend is strongly bearish and looking at the chart, the path of least resistance is downstream. The stochastic oscillator is advancing further into the oversold. At the same time, the MACD momentum indicator is at -25. The MACD has been confined in the negative region since September 1 on the 4-hour chart.
BCH/USD 4-hour chart 
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