As tensions between Russia and Ukraine increased, the cryptocurrency market took a severe hit in the previous few hours. As a result, there was a more widespread sell-off. As a result of the 10.87 percent 24-hour loss, Bitcoin Cash is hovering around its 15-month support.

Bitcoin Cash (BCH)

BCH sharply dropped when the bearish phase began, losing its one-year support (now resistance) around $387. It touched its 13-month low on January 24 after a nearly 38 percent rebound (from 5 January).

For the past month, the ALT has been oscillating between $387 and 260. The most recent rebound saw a down-channel (yellow) challenge its 15-month support at the $260-floor once more. The bulls would need to recapture the $279 level to begin a recovery phase.

BCH was trading at $264.4 at the time of publication. The RSI has dropped into the oversold zone. Any more rebounds would run into resistance near the 21-point. The fear sentiment was noticeably heightened as the +DI line pointed south. This result validated the negative trend in the short term.

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