Bitcoin Cash (BCH) is facing a tumultuous move as a second retest of topside resistance from the 20DMA seems destined to enter retracement.
This comes amid a bleak downside move for BCH, which has bled-out -27% since a local high at $330 on June 30 amid wider disarray in altcoin markets.
BCH Price Analysis: Is it too Late to But Bitcoin Cash?
As BCH holders battle tough resistance from the 20DMA, price has shifted lower, with Bitcoin Cash currently trading at $237.3 (a 24-hour change of -0.17%).
This come following an impressive day for BCH, which pushed up a respectable +11.9% as Bitcoin Cash bulls targeted a retest of the 20DMA.
However, the 20DMA has emerged as a tough ceiling of resistance in recent weeks, with a similar test on July 31 rejecting in dramatic fashion with a -16% move.
And while the ongoing resistance test appears to be teetering towards the downside, there is some silver-lining to be found in the strong display of 12 days of sustained buy pressure driving a second retest.
Better still? Price action is still trading high above foundational support from the 200DMA, leaving technical structure with a lot of breathing room.
Yet, Bitcoin Cash’s indicators still provide little reassurance, with the RSI sat on the fence at 50.37, and the MACD signalling bearish divergence at -1.7.
Overall, Bitcoin Cash seems set to consolidate and probe further at the 20DMA on the short time frame.
If the 20DMA is flipped to footing, then BCH has a topside target at the upper trendline around $300 (+25.95%).
However, downside risk in the event of rejection by the 20DMA could see price fall to $190 (-20.24%).
This leaves BCH with a risk: reward ratio of 1.28 – a mediocre entry with consolidation likely on the cards.
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