BCH's Rebound from 200-day EMA: Bitcoin Cash has bounced back from the 200-day EMA, indicating a potential reversal from the bearish trend.
Key Resistance at $200: BCH is challenging the $200 resistance level. A successful breach could lead to a price target of $228 or even $258.
Historical Performance: After a 200% rally in June, BCH saw a significant correction, dropping below $200. Despite this, its YTD growth stands at 99.18%.
Current Trading Price: BCH experienced an 11% bounce from the 200-day EMA but faced resistance at $200, causing a 3.07% drop. It's currently trading at $191.57.
RSI Indicator: The daily RSI has moved out of the oversold territory, hinting at potential bullish momentum.
External Factors: The upcoming deadline for Blackrock and Grayscale Bitcoin ETF could act as a catalyst for BCH's price movement.
Correlation with Bitcoin: BCH's price movement is closely tied to Bitcoin's performance. A potential recovery in Bitcoin could benefit BCH, pushing it towards $228 or $258.
Potential Downtrend: If Bitcoin drops below $26K, especially with delays in SEC's Bitcoin ETF approval, BCH could see a decline. A drop below $180 for BCH might lead to a further decline to $150.
Key Resistance at $200: BCH is challenging the $200 resistance level. A successful breach could lead to a price target of $228 or even $258.
Historical Performance: After a 200% rally in June, BCH saw a significant correction, dropping below $200. Despite this, its YTD growth stands at 99.18%.
Current Trading Price: BCH experienced an 11% bounce from the 200-day EMA but faced resistance at $200, causing a 3.07% drop. It's currently trading at $191.57.
RSI Indicator: The daily RSI has moved out of the oversold territory, hinting at potential bullish momentum.
External Factors: The upcoming deadline for Blackrock and Grayscale Bitcoin ETF could act as a catalyst for BCH's price movement.
Correlation with Bitcoin: BCH's price movement is closely tied to Bitcoin's performance. A potential recovery in Bitcoin could benefit BCH, pushing it towards $228 or $258.
Potential Downtrend: If Bitcoin drops below $26K, especially with delays in SEC's Bitcoin ETF approval, BCH could see a decline. A drop below $180 for BCH might lead to a further decline to $150.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.