Bitcoin Cash Goes Down To $280 In Under Two Hours

Since Monday morning, the Bitcoin Cash-to-dollar ratio increased by up to 100 percent. It managed to surpass its rival Bitcoin and reached $341 when the market opened. Following our altcoin news, we can see that BCH crashed to about $280 in less than two hours.

The next price rally was not something special as only managed to increase up to 8 percent against the 22 percent on the downside correction. Currently, Bitcoin cash is trading at $285.

Multiple crypto exchanges show that the BCH volume reached up to $3.89 over the past 24-hour adjusted timeframe. On the other hand, the USDT stablecoin of Tether seized a larger part of the BCH spot trades.

A couple of reports show that there was a period of BCH futures volume increasing on the UK-based Crypto Facilities. Also, an announcement from the Bitcoin cash project team on the launch of their Simple Ledger Protocol influenced the price to go up slightly. However, some of the developments don’t justify the major jump in the BCH markets despite the long-term relevance.

Further, the price action for bitcoin cash led to the market’s upward trend. As of today, we can see on the BCH’s charts on CoinMarketCap, the trendline is similar to that of Bitcoin with a higher level of volatility.

At first, the BCH-to-dollar rate was on the upside trend reaching $400 which provided support for bitcoin cash until October 2018. Last year, it achieved the expected level and confirmed the medium-term bullish trend for the cryptocurrency.

However, the price action towards the upward trendline is a little slow. The RSI levels seem to be overbought but it doesn’t seem to be a dump. It only means that this is a downside correction.

If this trend continues the BCH price could reach a slight bounce back, but anything below the mentioned price level could mean that the bulls are coming back.