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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Bitcoin Cash Eyes $288 As Bears Take Charge After Trendline Rejection

Godspower Owie
Godspower Owie
11 months ago
3 mins read
Bitcoin

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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.

Bitcoin
BCH set for further decline as approaches the 100-day SMA | Source: BCHUSDT on Tradingview.com

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.

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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.

Bitcoin
BCH targeting $288 after a trendline rejection | Source: BCHUSDT on Tradingview.com

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.

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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.

Bitcoin
BCH trading at $329 on the 1D chart | Source: BCHUSDT on Tradingview.com
Featured image from Unsplash, chart from Tradingview.com
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Godspower Owie
Godspower Owie

Godspower Owie

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

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My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.

My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.

Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is.

One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others.

I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams.

I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.

I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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