Following the 200% jump in BCH price in June 2023, the Bitcoin Cash price reached the height of $300. However, facing extreme selling pressure at higher levels, the Bitcoin Cash price is undergoing a short-term correction, leading to a significant downfall.
Currently, Bitcoin Cash is bouncing between two key Fibonacci levels: 61.80% and 38.20%. Which way it breaks out of these levels will be a big factor in predicting its future price.
The BCH price has fallen by 39% in the last two odd months and has broken below the 50-day EMA. Currently, the Bitcoin Cash price is trading at $190, as it jumps from the 200-day EMA close to $180 and the 61.80% Fibonacci level.
Finding a strong demand confluence at this level, the Bitcoin Cash price jumped 3.16% in the last 24 hours, projecting a potential reversal. Adding more on price action, the Bitcoin Cash price is projecting a potential double-bottom reversal to challenge and delay the death cross possibility.
The intraday growth projects a potential reversal rally in BCH price that may soon challenge the overhead resistance of $228.
Moreover, the lower price rejection present at this demand belt increases the possibility of a bullish outcome.
Regarding the technical indicators, the RSI line shows a spark suddenly emerging to avoid touching the oversold boundary. However, the MACD line and the signal line maintain a sideways trend.
The Bitcoin ETF approval will prove to be the next catalyst to boost BCH price. However, its deadline has been set to October by the SEC. If the SEC approves the Bitcoin ETF, the BCH price is expected to skyrocket and potentially create a new peak above $300.
With a more technical approach, the BCH Cash price can reach $228, with the trendline breakout, a 20% jump. Furthermore, if the price trend manages to sustain the bullish momentum, the uptrend can continue to reach the $300 mark.
On the flip side, a downtrend continuation below the 200-day EMA will prove catastrophic for Bitcoin Cash’s price. This can lead to a price fall to $100, accounting for a 44% drop in market value.
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