Bitcoin Cash (BCH) has undertaken a -7.71% retracement move to test accumulatory support at the 20DMA, but with price action tumbling – is Bitcoin Cash going to zero?
The downside shift comes amid declining trading volume for BCH, which has dropped -48.19% overnight, to a lowly $246k.
However, community sentiment remains bullish – with BCH bag-holders carefully watching the accumulation zone around the 20DMA for a strong bounce in continuation with the ongoing rally trend for the leading hard fork project.
BCH Price Analysis: Is Bitcoin Cash Going to Zero After -7% Tumble?
In the midst of the downside move, Bitcoin Cash is currently trading at a market price of $231.7 (representing a 24-hour change of +0.16%).
This comes as price action enters a major re-test of support from the 20DMA – an area which has provided supportive footing to the rally move since August 29.
The $225 price level has acted as an accumulation zone for much of the price action since June, with historical bounces from here at the end of June and also at the start of August.
Meanwhile, the 200DMA remains ascendant but low in the chart down at $175.
As for Bitcoin Cash’s indicators, the RSI has cooled-off moderately from a strong oversold signal with the downside move, but still remains technically in bearish divergence at 57.97 – this could suggest price will push lower or consolidate longer.
On the other-hand, following the golden cross on June 24, the MACD is on parade at 1.6 – a significant bullish signal.
Overall then, BCH is in a crucial moment in technical structure, a bounce from the accumulation zone would send price high to upper trendline resistance – but rejection from support here could see price tumble significantly.
To the upside then, Bitcoin Cash is targeting a breakout move to $275 (a possible +18.79%).
While downside risk could see BCH slide down to lower support at $190 (a potential -17.93%).
This leaves Bitcoin Cash with a risk: reward of 1.05 – an almost balanced ratio highlighting the make-or-break position in the chart, and clear evidence that Bitcoin Cash is NOT going to zero anytime soon.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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