Bitcoin Cash Eyes $288 As Bears Take Charge After Trendline Rejection
13 Septiembre 2024 - 9:30AM
NEWSBTC
Bitcoin Cash (BCH) is bracing for a potential downturn after a
brief rebound from a trendline failed to ignite bullish momentum.
Instead, the cryptocurrency now faces a bearish extension, with its
sights set on the key support level at $288. As sellers regain
control, the market is on high alert, wondering if this renewed
downward pressure will drive BCH even lower or if a bounce-back is
still possible. This article explores Bitcoin Cash’s recent bearish
extension following its failure to break above the trendline. It
will analyze key technical indicators, examine the market
sentiment, and assess the potential for further downside movement
toward the critical $288 support level. Additionally, the article
will consider whether BCH can find stability amid growing selling
pressure or if a deeper decline is on the horizon. Bearish
Extension In Play: Bitcoin Cash Path To The $288 Level On the
4-hour chart, BCH shows notable bearish momentum as it approaches
the 100-day Simple Moving Average (SMA). The failure to overcome
this critical trendline indicates that the pressure is
intensifying, with sellers increasingly taking charge. This renewed
downward force raises the likelihood of further declines,
potentially driving the price toward the $288 support level.
Additionally, the Relative Strength Index (RSI) on the 4-hour chart
has recently dropped toward the 50% threshold. This decline
suggests a waning bullish momentum and indicates that the market
may be shifting towards a negative sentiment, reinforcing the
potential for more declines in BCH’s price. Related Reading: Can
Bitcoin Cash (BCH) Go Up 680% This Week? This Analyst Believes So
On the 1-day chart, BCH is exhibiting a bearish trajectory toward
the $288 support level, following a rejection at the trendline. The
pessimistic outlook is highlighted by the formation of two
consecutive bearish candlesticks. Also, the fact that the price
remains below the 100-day SMA reinforces the prevailing negative
market sentiment and indicates that the downward pressure may
persist, which could drive the price downward. Lastly, on the 1-day
chart, the RSI signal line, which recently rose to 54%, is now
testing the 50% threshold once more, suggesting that upbeat
momentum may be waning and that the market could be transitioning
back to a bearish phase. If the RSI falls below the 50% level, it
would confirm a shift in sentiment towards selling pressure,
potentially supporting the continued downward trend in BCH’s price.
BCH’s New Challenge: Navigating The Bearish Path Bitcoin Cash (BCH)
is facing notable downbeat pressure as it moves toward the $288
support level. Should the bearish pressure continue and the price
breach this support, the crypto asset could see further declines,
possibly dropping to the $211 support level and exploring
additional key support zones beyond that. Related Reading: Bitcoin
Cash (BCH) Surges 15% As Coinbase Plans Futures Listing Conversely,
if BCH manages to hold above the critical support level, it could
signal a potential recovery and push toward the $367 resistance
mark. A breakout above this level might propel the price higher,
possibly testing the $457 resistance and extending to other
significant resistance areas. At the time of writing, Bitcoin Cash
was trading at approximately $329, reflecting a 2.71% decline. With
a market capitalization surpassing $6.5 billion and a trading
volume exceeding $158 million, BCH has seen a decrease of 2.78% in
its market cap and a 23.14% drop in trading volume over the past 24
hours. Featured image from Unsplash, chart from Tradingview.com
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