Bitcoin Cash (BCH) is facing bearish pressure despite a bullish sentiment among traders on Binance. Technical indicators like the MACD and IOMAP point towards a potential decline in price, with support levels at $417 and resistance levels between $432 and $445. The article explores these bearish signals and the potential impact of trader sentiment on BCH's price.
One of the factors that could be driving the demand for long positions is a drop in funding rates to 0.0076%.Despite this gain, the altcoin was down by 6.5% in the last seven days, reflecting a bearish trend across the broader cryptocurrency market.
The crossover of the MACD line below the signal line has also formed another sell signal. Historically, this sell signal has triggered a steep decline for BCH.A strong support level for Bitcoin Cash lies at the lower Bollinger band at $417. If the altcoin breaches this support, it could cause a decline to the 1.618 Fibonacci level at $365.The In/Out of the Money Around Price indicator shows a crucial resistance level for BCH between $432 and $445.
BITCOIN CASH CRYPTO MARKET TECHNICAL ANALYSIS TRADING SENTIMENT BEARISH
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