The post BCH Price Analysis: Will BCH Bounce Back From This Shakeout? appeared first on Coinpedia Fintech News
Failing to break above the $250 mark in the first few days of Uptober, the BCH price slides down the bearish alley. Moreover, the downtrend questions the spirit of Uptober this season as the overall market remains under acute selling pressure.
The downtrend currently questions the possibility of a reversal for Bitcoin Cash and the BCH price prediction of reaching $300 in 2023.
Taking a reversal from the overhead resistance zone at $250, also the neckline of the potential bullish pattern, the BCH price is down by 13%. Crashing under the 50-day EMA, the increasing selling spree brings Bitcoin Cash close to $200.
Moreover, the recent sharp correction breaks the 38.20% Fibonacci level, where the buyers laid a consolidation range barrack to avoid further correction. With multiple bearish engulfing candles, the possibility of the BCH prices reaching the 200-day EMA is significan
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