BCH’s drop saw it breach below the $200 psychological level; a two-month low last seen in June. But there was a positive price reaction near $180, but a crucial roadblock lies ahead.BCH has been making lower lows since July, capturing the altcoin’s downtrend in Q3. But it was worth noting that the previous support zone of $221 – $235 eased the drop for a while. The support cracked on 16 August, tipping sellers to extend gains below $200.
The drop eased to $180, but a recovery attempt was thwarted at $200. So, bulls must clear the $200 and $222 roadblocks to continue reversing the recent losses. But BTC struggled to keep hold of $26k, which could further delay BCH bulls from clearing the overhead hurdles.Meanwhile, the On Balance Volume improved, indicating increased demand. But the CMF stalled the zero mark; denoting eased capital inflows.
Besides, the Relative Strength Index retreated from the oversold zone, indicating increased buying pressure. But it was yet to cross above the 50-mark to confirm extra buyers’ leverage.
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Source: CryptoAmb - 🏆 22. / 68 Read more »