Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- BCH’s pullback hit a key interest level for bulls around $220.
- Key magnetic areas were around $225 and $235 based on predictive liquidation.
Like Bitcoin’s [BTC] sharp pullback at $30k, Bitcoin Cash [BCH] retraced after hitting $249.7. At press time, BCH was positioned for a price reversal near $220 in the short term based on liquidation data at hand.
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Previously, AMBCrypto projected that BCH could hit below $225 before rebounding. The idea was validated, but the drop extended to $206 in early October, affecting some long positions.
What’s next for near-term BCH bulls?
Liquidity and price imbalance on the chart existed at $216 – $225 (white). The price area had a confluence with the 50-EMA (Exponential Moving Average) and a previous breakout level above $220.
At press time, price action hit the above confluence area. The pullback could ease at the area, allowing bulls to attempt market re-entry, especially if BTC doesn’t post more near-term losses. Such a move will shift BCH’s focus to $237 or the price ceiling since August of $241 – $256 (red).
Conversely, an extended pullback will force b
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Author: Benjamin Njiri
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