Bitcoin Cash bulls disperse as sellers adjust their sitting positions in the driver seat, eyes set on $200. The path of least resistance remains to the downside for Thursday but if $250 support is reclaimed, the focus may shift to $250. Bitcoin Cash is trading in the red on Thursday after the channel support I discussed on Wednesday gave in to the selling pressure. The tentative support at $220 was also overwhelmed with the sellers rapidly moving towards $200. An intraday low has been hit at $206.35, giving way to a bounce above $210 amid expanding volatility. At the time of writing, Bitcoin Cash is trading at $211. BCH/USD 4-hour chart The prevailing technical picture has a strong bearish bias as observed with the dropping RSI. From high reached above 70 (overbought region) on April 7 amid during its reward block halving, the indicator is barely holding above 30 (oversold region). The MACD in the same range shows that bears are in control and the situation is likely to remain the same throughout the day as long as BCH/USD does not reclaim the ascending channel support. Glancing upwards, Bitcoin Cash is trading under the moving averages. The 50-SMA is about to cross below the longer-term 100 SMA. Such a cross is a bearish indicator likely to increase the sellers’ influence over the price. If Bitcoin Cash manages to reclaim the support at $220, there will be a chance to focus on higher levels beyond $250 towards the weekend session. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next US State Department: China may have conducted low-level nuclear test blasts FX Street 2 years Bitcoin Cash bulls disperse as sellers adjust their sitting positions in the driver seat, eyes set on $200. The path of least resistance remains to the downside for Thursday but if $250 support is reclaimed, the focus may shift to $250. Bitcoin Cash is trading in the red on Thursday after the channel support I discussed on Wednesday gave in to the selling pressure. The tentative support at $220 was also overwhelmed with the sellers rapidly moving towards $200. An intraday low has been hit at $206.35, giving way to a bounce above $210 amid expanding volatility. At the time… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
