Bitcoin Cash fails to defend $220 support as bears increase momentum towards $200. The falling wedge pattern forming is a silver lining that a reversal is imminent. Bitcoin Cash price is not slowing down in its downtrend momentum following Thursday’s rejection at $250. In an earlier published analysis, BCH was holding ground above $225. However, increasing bearish pressure has continued to press down on the vital support levels. Already $220 has caved in and BCH tanked lower towards the short term support at $210. The 4-hour chart for BCH/USD shows the price struggling to hold above the new falling wedge pattern. It is apparent that a drop beneath this zone will exploit the support at $210 and let the price grind toward $200. Technically, the sellers have more control with RSI diving deeper into the oversold. On the brighter side, the oversold conditions are likely to stir action towards the support turned resistance at $220. The bulls must ensure the current battering from as the MACD shows that the grip by the sellers will last longer. Moreover, the ballooning gap between the 50 SMA and the 100 SMA points towards increasing selling activity. BCH/USD 4-hour chart 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 Japan Cabinet Office downgrades employment and corporate assessment FX Street 3 years Bitcoin Cash fails to defend $220 support as bears increase momentum towards $200. The falling wedge pattern forming is a silver lining that a reversal is imminent. Bitcoin Cash price is not slowing down in its downtrend momentum following Thursday's rejection at $250. In an earlier published analysis, BCH was holding ground above $225. However, increasing bearish pressure has continued to press down on the vital support levels. Already $220 has caved in and BCH tanked lower towards the short term support at $210. The 4-hour chart for BCH/USD shows the price struggling to hold above the new falling wedge… 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.
