- Bitcoin Cash ravages through several support areas as bears target $200.
- The applied technical indicators suggest that BCH is in for a tough trading session this weekend.
Cryptocurrencies continue to trade in intense selling pressure. As for Bitcoin Cash, pressure on key support is putting support areas such as $210 and $200 in jeopardy. The impressive correction above $220 failed to take the price action above $230. Instead, Bitcoin Cash formed a high around $227, later giving way to the ongoing retracement.
The break below the shallow short-term rising wedge pattern is also contributing to the dire declines experienced on Sunday. BCH is trading 3.4% lower on the day while the volatility expands. The price is also beneath the 50 SMA on the 4-hour chart.
If the support at $210 gives in, Bitcoin Cash could smash through the next support at $200. The region between $190 and $200 continues to be the saving grace for BCH, especially with heavy buyer congestion.
The RSI and the MACD show that the bears are bound to get more ruthless in the coming sessions. It is likely that Bitcoin will have a drab start for the week that begins on Monday.