Bitcoin Cash Analysis – New long-term lows!

Today, the technical part started with Decred, so a crypto which was one of the leaders on the green side of the board. Now, we will focus on the opposite spectrum – biggest losers. On this list, we do have the Bitcoin Cash, which is going down almost 5% today. First, let me show you our previous piece about this instrument:

“With this kind of a momentum and the price action, we are very close to see the new long-term lows soon. Our view stays negative, as long as the price will stay below the upper line of the triangle. „

When those words were written, the price was around 162 USD. Even back in that day it was ridiculously low if you compared that to the highs from the end of the last year. It always can be lower though, till zero! Now, the price is on the 82 USD and we have new long-term lows as we speak! Since our last analysis, the price was mostly going down In the meantime, BCH created a flag (red lines), broke its lower line and then, tested that as a resistance. The sell signal is ON and as for now, we do not see any chances for a bullish reversal. You know, just in case you think about buying now, we try to emphasize that there are no technical reasons to do that.