Bitcoin Cash price gives a bearish breakdown of a falling channe
Bitcoin Cash price gives a bearish breakdown of a falling channel, with an intense rise in selling pressure.
The breakdown rally approaches the 200-day EMA, with buyers hoping for a reversal.
Market-wide FUD crashes altcoins, leading to a 20% drop in BCH price, breaking under the 50-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.
The downfall from the 50-day EMA to the 200-day EMA increases trading volume, reflecting a boom in the selling spree.
BCH coin price forms a Doji above the 61.80% Fibonacci level, projecting a potential reversal opportunity.
Technical indicators show a rise in underlying bearish sentiments, with bearish MACD histograms resurfacing.
The confluence of the 61.80% Fibonacci level and the 200-day EMA at $175 provides a bounce pad for BCH price.
If prices manage a reversal, BCH price can reach $228; a downfall below $175 will crash the price to $150.