|

Bitcoin Cash Price Analysis: BCH/USD ruthless bears gnaw the price towards $200

  • Bitcoin Cash ravages through several support areas as bears target $200.
  • The applied technical indicators suggest that BCH is in for a tough trading session this weekend.

Cryptocurrencies continue to trade in intense selling pressure. As for Bitcoin Cash, pressure on key support is putting support areas such as $210 and $200 in jeopardy. The impressive correction above $220 failed to take the price action above $230. Instead, Bitcoin Cash formed a high around $227, later giving way to the ongoing retracement.

The break below the shallow short-term rising wedge pattern is also contributing to the dire declines experienced on Sunday. BCH is trading 3.4% lower on the day while the volatility expands. The price is also beneath the 50 SMA on the 4-hour chart.

If the support at $210 gives in, Bitcoin Cash could smash through the next support at $200. The region between $190 and $200 continues to be the saving grace for BCH, especially with heavy buyer congestion.

The RSI and the MACD show that the bears are bound to get more ruthless in the coming sessions. It is likely that Bitcoin will have a drab start for the week that begins on Monday.

BCH/USD 4-hour chart

Author

John Isige

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

More from John Isige
Share:

Editor's Picks

Crypto Today: Bitcoin at $60,000, Ethereum at $1,500, and XRP at $1 face a make-or-break test

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are trading in the red on Friday after three consecutive days of losses, testing their respective make-or-break support levels.

Bitcoin Weekly Forecast: BTC hits 20-month low, will the pain continue?

Bitcoin recovers slightly, trading at $66,000 on Friday after reaching a new yearly low of $58,115 earlier this week, its lowest level since October 2024. Institutional selling intensified as spot ETFs recorded $1.35 billion in net outflows through Thursday.

XRP clings to $1 as long liquidations deepen bearish trend

Ripple trades near the key psychological support level of $1 at the time of writing on Friday after losing more than 8% so far this week. CoinGlass liquidation data shows that over 97% XRP long positions were wiped out over the past 24 hours.

Pi Network Price Forecast: Minor recovery amid market crash fuels short-term hope

Pi Network price records a mild 3% recovery at press time on Friday, shaping a rebound from a broken descending trendline. The declining trend in trading volume has stabilized around $10 million this week, supporting the possibility of an extended recovery as selling pressure wanes.

Bitcoin: BTC hits 20-month low, will the pain continue?
Bitcoin (BTC) recovers slightly, trading at $66,000 on Friday after reaching a new yearly low of $58,115 earlier this week, its lowest level since October 2024. Institutional selling intensified as spot Exchange Traded Funds (ETFs) recorded $1.35 billion in net outflows through Thursday.