Failing to break above the $250 mark in the first few days of Uptober, the BCH price slides down the bearish alley. Moreover, the downtrend questions the spirit of Uptober this season as the overall market remains under acute selling pressure.
The downtrend currently questions the possibility of a reversal for Bitcoin Cash and the BCH price prediction of reaching $300 in 2023.
Taking a reversal from the overhead resistance zone at $250, also the neckline of the potential bullish pattern, the BCH price is down by 13%. Crashing under the 50-day EMA, the increasing selling spree brings Bitcoin Cash close to $200.
Moreover, the recent sharp correction breaks the 38.20% Fibonacci level, where the buyers laid a consolidation range barrack to avoid further correction. With multiple bearish engulfing candles, the possibility of the BCH prices reaching the 200-day EMA is significantly higher.
The BCH price is attempting to retest the 50-day EMA breakout and form a morning star pattern. Moreover, the altcoin is trading at $214.15 with no significant intraday move other than the 0.95% jump last night.
Technical indicators:
RSI indicator: The daily RSI line forms an arch to reverse from the overbought boundary to crack under the halfway line. Additionally, the RSI line fails to showcase any divergences to predict a reversal.
EMA: The downtrend endangers positive alignment of the 50 and 200-day EMAs and warns of a death cross if prices slip under $180. However, the crucial support zone in confluence with the 200-day EMA will provide a cushion for a bullish revival.
With the ongoing correction, the chances for a bullish revival among altcoins are slim but not zero. With crucial support zones nearby, the BCH price may soon form a solid footing to launch above the 50-day EMA.
In such conditions, the reversal rally might rechallenge the $250 mark with eyes set on the $300 mark. On the flip side, if the price breaks below the $200 post, the downtrend will plunge the prices to $180.
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