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June 16, 2024
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Bitcoin Cash Price Analysis: FUD Wildfire Catches BCH, Prices Down by 20%! 

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.

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