Bitcoin Cash has been mostly declining over the past week even when other cryptocurrencies were holding their value or increasing. A return to bearish market conditions has resulted in Bitcoin Cash undergoing an even sharper decline.
The market leader Bitcoin has recorded a significant loss over the past 24 hours. This has sparked depreciations in many altcoins also, and Bitcoin Cash has gone on to form a new 2018 low around $113. This is the fifth consecutive losing day for Bitcoin Cash. A drop below $100 is a real possibility given the strength of this decline.
Today’s candle has been forming a Marubozu. A Marubozu candle is a candle with a significant body and little or no wicks. These candles show strong movement in one direction. The RSI is also continuing to decrease reflecting the strong seller momentum.
The decline was sparked by a controversial hard fork which took place in mid-November. A battle for hash rate proceeded the hard fork with the community splitting into either supporting Bitcoin Cash or the hard forked Bitcoin Cash SV. The hash rate of Bitcoin Cash has dropped as a result of this making the network less secure. Bitcoin Cash SV has recently been outperforming after appreciating 12% over the past 24 hours.
- Bitcoin Cash has continued its decline forming new lows around $113.
- Today’s candle is forming a Marubozu candle reflecting the strong bearish movement.
- The decline was sparked by a hard fork which took place in mid-November which resulted in the hash rate of the Bitcoin Cash network dropping and becoming less secure.
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