With a market-wide FUD crashing altcoins, Bitcoin Cash price ends the consolidation range and falls under the 50-day EMA. Making two consecutive bearish candles, accounting for a 20% drop in BCH price, the breakdown rally tests the 200-day EMA.
At the confluence of the 200-day EMA and the 61.80% Fibonacci level, a lower price rejection shows a resurgence in buying pressure. With smart money flowing at lower prices, a potential retest of the breakdown is possible.
The downfall from the 50-day EMA to the 200-day EMA shoots the trading volume higher, reflecting a boom in the selling spree. This aligns with the market conditions and reflects a stronger bearish side.
Following the lower price rejection in the previous daily candle, the BCH coin price forms a Doji above the 61.80% Fibonacci level. This projects a potential reversal opportunity with a morning star pattern as a retest.
The technical indicator shows a rise in underlying bearish sentiments with the bearish MACD histograms resurfacing. Preventing a bullish crossover, the MACD and signal lines restart the declining trend. Furthermore, the RSI line enters the oversold territory.
With the lower price rejection in the previous candle and the market-wide FUD slowly getting under control, BCH price may find a reversal shortly. Furthermore, the confluence of the 61.80% Fibonacci level and the 200-day EMA at $175 provides a bounce pad for the BCH price.
Considering the prices manage a reversal, the Bitcoin Cash price can reach the overhead resistance at $228. On the flip side, a downfall below $175 will crash the BCH price to $150.
In recent months, many major companies around the world have started buying large amounts of…
Many crypto investors dream about the day their favorite coin takes off — and for…
As the month of May draws to a close, investors are searching for the best…
This week’s crypto spotlight shines brightly on a select group of coins capturing investor interest…
Most investors who passed on Bitcoin early didn’t lack belief — they lacked access, context,…
Is meme coin season peaking, or just getting smarter? Right now, Kaspa (KAS) market sentiment…