In the midst of a market atmosphere dominated by fear, uncertainty, and doubt (FUD), which has triggered a decline in altcoin values, the price of #bitcoin Cash has breached its previous consolidation range and descended below the 50-day Exponential Moving Average.
This downward movement is evident through the formation of two successive bearish candles, translating to a notable 10% decrease in the BCH price. As this breakdown persists, the ensuing bearish trend has prompted Bitcoin Cash to undergo a trial of its 200-day EMA support threshold.
Just like Bitcoin, the price of Bitcoin Cash is experiencing a decline below the $200 range against the US Dollar. The BCH/USD pair's losses could potentially expand if it closes below the $165 mark.
Bitcoin Cash's price has remained in a bearish state, unable to breach the resistance levels at $240 and $235. It slipped beneath the support at $220, pushing further into bearish territory, eventually dropping below the crucial $200 threshold. The market is being dominated by selling pressure, causing the price to breach the $180 level. The bears successfully drove the price down to the $165 support level. Although a low of around $164 has been reached, the price is currently stabilizing as losses are being consolidated.
BCH is facing immediate resistance around $190, the next notable barrier is at $200, aligned with the 50% Fibonacci retracement level. Subsequently, a significant resistance zone forms near $220, marked by a key bearish trend line on the 4-hour BCH/USD chart. Surpassing $220 might pave the way for further gains towards $240, and a breakthrough of that level could propel the price towards the $250 region.
Failing that, the price could extend its decline under $170. Initial downside support is found around the $165 range. Subsequently, a significant support level lies near $162; a breach of this level might prompt the bears to target $150 or potentially even $145.
According to Coingabbar Price Analysis, the market capitalization of BCH is estimated to be $3,632,145,445. The 24-hour trading volume for the coin is around $389,312,104.
KEY LEVELS :
RESISTANCE LEVEL : $188-$192
SUPPORT LEVEL : $180-$176
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
