The post Bitcoin Cash Price Analysis: As BCH Price Tanks Sellers At $200, Will It Cross $250? appeared first on Coinpedia Fintech News
After soaring by 200% in June, it experienced a sharp drop, shedding almost 50% of its value. It slipped below the $200 mark, following a downward trend. However, just when things seemed bleak, BCH found solid ground around the $180 mark, which is close to its 200-day EMA.
This year alone, Bitcoin Cash has grown by 127%, outperforming even Bitcoin and many well-established altcoins in terms of returns. Currently, BCH sits at a discount of 33.55% from its highest price in 2023.
With the deadline for the much-anticipated Bitcoin ETF around the corner, Bitcoin Cash is bracing for another significant upswing in the weeks to come.
Last night, the BCH coin price found an 18% jump to break above the 50-day EMA and the short-term resistance trendline. The bullish candle positively ends the weeks-long consolidation above the $180 and 200-day EMA confluence.
This amounts to a 23.60% bounce from the 200-day EMA in the last eight days, as the BCH coin price now faces the supply inflow at $228. Coinciding with the 38.20% Fibonacci level, the overhead supply leads to a 3.07% pullback.
However, the pullback seems nothing more than the retest of the trendline breakout, and a post-retest reversal might result in a $228 breakout.
Moreover, the daily RSI line resurfaces crosses into the bullish territory, with the MACD indicator showing a positive crossover event.
In conclusion, the recovery trend will continue and boost with the altcoins rolling on an anticipation rally of Bitcoin ETF. The uptrend can reach $258 or $300 with the $228 breakout.
On the flip side, if the SEC delays the approval of Bitcoin ETF this Friday, the BCH price may lose the bullish momentum. If the BCH price falls under $200, it may crash back to $180.