Bitcoin Cash witnessed a staggering 200% price surge in June, drawing significant attention from traders and investors alike. However, following this astronomical rise, a downtrend correction ensued, with Bitcoin Cash now finding support at the $180 mark, priming it for a bullish spike that’s contesting the resistance trend line.
Currently, Bitcoin Cash is oscillating between two pivotal Fibonacci levels: 61.80% and 38.20%. The breakout direction from these levels will be a decisive factor in predicting Bitcoin Cash’s future price trajectory.
Bitcoin Cash is sculpting a potential double bottom pattern, taking root from the $180 mark. This setup suggests a reversal is on the horizon, aiming to challenge the short-term correction resistance trend line. A successful breakout could propel Bitcoin Cash beyond the 38.20% Fibonacci level.
Currently, the BCH price trades at $195, with an intraday growth of 0.76%, displaying a potential rounding reversal before reaching the 200-day EMA. Moreover, the price action displays multiple Doji candle formations that increase the likelihood of a bullish breakout.
Shifting our focus to the technical indicators, the RSI presents a bullish divergence in alignment with the double bottom pattern, indicating an undercurrent of positive momentum. Furthermore, the MACD and its signal lines sustain a bullish stance with similar divergence and dodge a potential bearish crossover.
On inspecting the exponential moving averages in the daily chart, a conspicuous sideways trend becomes evident between the 50 and 200-day EMA. This lateral movement signals caution, as a looming death cross might materialize if the BCH price dips beneath the crucial $180 support threshold.
On the bullish front, Bitcoin Cash exhibits substantial potential for growth, with a target of $300 being feasible upon a breakout above the $228 mark, a level that coincides with the 38.20% Fibonacci retracement.
Conversely, if the price of BCH can’t hold on to $180, a major level that aligns with the 61.80% Fibonacci level, it could tumble down to $150 or even as low as $100.
The tug-of-war between these Fibonacci levels will indeed play a pivotal role in the BCH price trend in the near term.
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