BCHBTC dominated by bears dragging the market lower throughout the day
Moving lower for the 2nd day in a row, BCHBTC ended Saturday at 0.0897 losing BTC0.0030 (-3.24%) on low volume. Today's closing price of 0.0897 marks the lowest close since December 11, 2017. The bears were in full control today, moving the market lower throughout the whole session. Closing below Friday's low at 0.0920, BCH/BTC confirms its breakout through the prior session's low having traded BTC0.0024 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Saturday's trading range was BTC0.0032 (3.45%), that's slightly below last trading month's daily average range of BTC0.0035. Things look different on a weekly scale, where volatility is above the markets average with the monthly volatility being exactly the same as average.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Even though both sentiments are bearish for the next trading day, the classical technical analysis metrics are only slightly bearish while our quantitative statistics show a bearish sentiment.
Market Conditions for Bitcoin Cash/BTC Index
|Down Close Near Low of Period||TQ Pro Members Only|
|3 Consecutive Lower Closes||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
|Close near low of period||TQ Pro Members Only|
|Close to Swing Low||TQ Pro Members Only|
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