Bitcoin Cash’s (BCH) price action continued to dip slowly after another rejection at a critical price level.
Critical price hurdles limit bullish reversalBitcoin Cash’s ranging price movement along the critical $248 price level has come to a headlong over the past 72 hours. The pricehighlighted the importance of the level to a continuation of the bearish trend or a bullish reversal.
The bullish attempt to take the level on 1 August was swiftly curtailed due to the confluence of selling pressure in the market and the bearish trendline. This led to a further price drop with BCH trading at $227, as of press time. Sellers looking to ride the bearish wave can wait for a retest of the bearish trendline for new shorting opportunities. Sellers can target profit levels at $190 – $210. On the flip side, a bullish reversal will have to break above the bearish trendline for steady gains.
The RSI remaining under the neutral 50 and the OBV continuing to slope downwards reinforced the bearish dominance.
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