The cryptocurrency market has experienced a flash crash, with the prices of most cryptos currently falling by over 10% in the past 24 hours
The cryptocurrency market has suffered massive losses in the past 24 hours, effectively wiping out the gains of the past two weeks. Bitcoin is currently down 11%, falling below the $ 50,000 mark again, and is currently trading just over $ 46,000 per coin.
Ether is also down the same 11%, with the second largest cryptocurrency losing its support around the $ 3,500 zone and currently trading around $ 3,470 per coin. Bitcoin Cash (BCH) was one of the biggest winners last week, climbing near the $ 750 region.
However, BCH has wiped out most of its recent gains, with the cryptocurrency losing more than 10% of its value in the past 24 hours. At the time of writing, Bitcoin Cash is trading at $ 675 per coin and could decline in the coming hours if current market conditions persist.
Today felt like a quick surrender #altcoins.
– Michaël van de Poppe (@CryptoMichNL) September 7, 2021
Price outlook for Bitcoin Cash
The BCH / USD 4-hour chart is currently bearish after suffering massive losses over the past 24 hours. The technical indicators quickly declined after yesterday’s performance. Bitcoin Cash’s RSI is currently 34, which means the cryptocurrency is now in the oversold territory. The MACD line has also slipped into bearish territory, although BCH is still up 6% over the past seven days.
BCH / USD 4 hour chart. Source: TradingView
Should current bearish conditions persist, Bitcoin Cash could fall below the first major support level at $ 660. Unless there is a longer sell-off like yesterday, however, the second major support at USD 639 should limit further downward movement for Bitcoin Cash.
The bulls are trying to regain control of the market. If the market turns bullish, BCH could attempt to break the $ 690 pivot level and hit the first major resistance level at $ 709. Bitcoin Cash will need support from the broader cryptocurrency market if it is to start an extended rally and target the next major resistance level at $ 742.
Check out our page on how to buy Bitcoin Cash here