With Sellers Back In The Ring, Will Bitcoin Cash Cross $300?
Falling Channel Pattern: Extensive selling pressure above $300 led to a falling trend, taking support at the 50-day EMA and 23.60% Fibonacci level, dropping to $220.
Bullish Flag Pattern: The correction phase is seen as part of a bullish flag pattern, following a 200% jump in late June, signaling a potential uptrend beyond $300.
6.63% Jump on 7th August: This jump, along with bullish confluence at the 23.60% Fibonacci level and 50-day EMA, projected a potential breakout, but higher price rejection prolonged the bear trend.
1.70% Fall and Morning Star Pattern: A fall followed by a couple of Doji formations leads to a morning star pattern, teasing a potential drop to $210.
Positive Technical Indicators: Despite the bearish signs, the MACD indicator is preparing for a bullish crossover, and the RSI line shows an uptick, predicting a positive outlook for August.
Potential New Bull Cycle: A daily candle closing above the falling channel could signal a new bull cycle, possibly challenging the previous swing high of $307.
Risk of Downfall to $200: A continuation of the current downfall could test the bullish dominance at the psychological mark of $200, posing a risk to the upward momentum.
