- $5 billion has been wiped from the market in the last 24 hours.
- Bitcoin Cash has not been able to reverse the trend after it was rejected above $200.
Bitcoin is among the cryptocurrencies that are trimming most the gains accrued in last month of 2018. Contrary to the expectations that there will be an end year rally, the market has continued to deflate in the period after Christmas. Besides, $5 billion has been wiped from the market in the last 24 hours. The market capitalization now stands at $127 billion from yesterday’s $127 billion.
The $2.6 billion cryptocurrency has corrected lower 10.73% in the last 24 hours. It is currently exchanging at $148.78 and has a 24-hour trading volume of $360 million in the same period. The trading volume which was standing at $1.558 billion on December 20 has corrected lower considerably in the past one week.
Meanwhile, the asset is trading between the moving average support and resistance with the 50 SMA limiting the gains at $180 while the 100 SMA offering support marginally above the 38.25 Fib retracement level with the last swing high of $231.86 and a low of $74.46.
Bitcoin Cash has not been able to reverse the trend after it was rejected above $200. Technical indicators on the 4-hour chart show that the slide is likely to continue in the coming few days. The RSI which had been avoided the oversold region since mid-December is currently grinding towards the oversold region. Moreover, the MACD is below the mean line in addition to that it is in a downward projection.
There is a short-term support at $140 and another weak support mentioned above at the 100 SMA. If this level fails to hold BCH/USD is likely to drop towards the next support at $100.00.
BCH/USD 240′ chart
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