Bitcoin Cash Price Analysis: 31 October
Bitcoin Cash witnessed a rise in its selling pressure as the digital asset’s bearishness hinted towards a downward price action for the short-term period.
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Bitcoin Cash at press time had moved above its support at $253.921 and further maintained a price level above the trendline. However, down by a percent, the digital asset opened in the red zone during the day’s trading session.
With a bearish sentiment observed in the BCH market since 28 October, the Relative Strength Index also underlined a rise in selling pressure, as it turned south towards the 40 level.
Looking at the Bollinger bands, the volatility levels have remained unchanged for a couple of trading sessions now. However, any increase in it, given the bearish scenario, was more likely to result in a downward price action towards the immediate support level.
Learn more about the analysis here. (https://eng.ambcrypto.com/bitcoin-cash-tezos-dogecoin-price-analysis-31-october/)