Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- BCH dropped below $200; a two-month low last seen in June.
- The derivatives side was firmly bearish at the time of publication.
Last week’s (14 – 20 August) crypto slump eased over the weekend. Most assets posted double-digit losses over the past week. In particular, Bitcoin [BTC] dropped by 11% per CoinMarketCap’s seven-day performance. Bitcoin Cash [BCH] plunged 18% over the same period.
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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 fails to clear the recent lower low at $200
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.
Conversely, sellers could push BCH lower to $158 if BTC’s weakening persists.
Meanwhile, the On Balance Volume (OBV) improved, ind
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Author: Benjamin Njiri
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