• Bitcoin Cash (BCH) is facing a tumultuous move as it attempts to break through the 20DMA resistance.
• BCH has dropped -27% since its local high of $330 on June 30th.
• Shibie, a Shiba Inu-Barbie crossbreed meme token, is quickly gaining traction in the crypto space.
Bitcoin Cash (BCH) Facing Turbulence
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 .
Is it Too Late to Buy 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%). TradingView / BCH USDT 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.
Potential Upside & Downside Risk
If flipped to footing by buyers breaking through resistance fromthe20 DMA , then BCH has potential topside target at upper trendline around $300 (+25.95%). However , if buyers fail toprove successful in breakingthrough thisresistance level thenprice could fallbackdownwards towards$190 (-2024 %).This leaves BCH with arisk: reward ratioof 1:28 – amediocre entrywith consolidationlikelyon cards .
Shibie Coin Gaining Popularity
With money rotating into more ambitious projects amidst today’s economic uncertainty , no projectis more relevant than meme token Shibie —a glamorous Shiba Inu-Barbie crossbreed that’s banking big on Barbenheimer and rapidly gaining traction within crypto space .