The post Bitcoin Cash Price Analysis: FUD Wildfire Catches BCH, Prices Down by 20%! appeared first on Coinpedia Fintech News
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.
Will Bitcoin Cash Price Sustain Above The 200-day EMA?
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.
