BC price falls below $ 250, while shorts keep the advantage in the long/short ratio of the stock exchange

BC price falls below $ 250, while shorts keep the advantage in the long/short ratio of the stock exchange

Bitcoin Cash (BCH) had a remarkable upward potential at the end of June when it rose to a high of $ 329. However, the situation changed in July when Bären formed the resistance at $ 311 and the price fell by 30 %.

The decline continues, since BCH is currently less than $ 250. The sellers could continue to drive down the downward dynamics, since Bitcoin (BTC) continues its price correction below $ 30,000.

The indicators on the chart show a decline in buying pressure and strong capital outflows. The relative strength index (RSI) remains under the neutral 50 and continues towards the oversold zone. The Chaikin Money Flow (CMF) also remains negative. These indicators indicate that the sellers are willing to reverse the price dynamics.

In the 12-hour time frame, it can be seen that the bears fell under the important support brand of $ 248. Since the trading volume drops, the bulls could lose even more soil and the sellers could try to press the price on the mark from $ 186 to $ 220.

However, a further recovery from BTC at $ 31,000 Bitcoin Cash could keep at the current level of support. In this case, the bulls could strive for the price level of $ 280.

The short positions currently have a larger share of the open contracts for BCH than the long positions. According to the long/short ratio of Coinglass, the short positions are 52.21 % compared to 47.79 % of the long positions. This reinforces the pessimistic mood at the appointment market and could lead to sellers to expand their profits in the direction of the critical level of $ 186 to $ 220, especially since Bitcoin continues to act below $ 30,000.