• Bitcoin Cash (BCH) has dropped -5% as price action continues to tumble.
• CNBC removed Bitcoin Cash from their cryptocurrency market coverage.
• BCH is currently trading at a market price of $189.30, but rejection from the 20DMA could spell disaster.
Bitcoin Cash Price Drops 5%
Bitcoin Cash (BCH) has fallen -5%, as price action continues to tumble amid tumultuous resistance from the 20DMA. After more than 60 days of downside price action, BCH bag-holders are in fear as market and media interest fleets from the hard-fork project.
CNBC Replaces Bitcoin Cash with Solana
In a dramatic move on August 26, CNBC removed Bitcoin Cash from their cryptocurrency market coverage – replacing BCH with Solana. Initial hopes of a potential recovery by Bitcoin Cash were scuppered yesterday, after a dramatic -5% rejection from tough resistance at the 20DMA crushed trader’s hopes.
Is Bitcoin Cash Going to Zero?
As price action battles to hold consolidation, Bitcoin Cash is currently trading at a market price of $189.30 (representing a 24-hour change of -0.73%). This comes after 60-days of downside price action, which has seen BCH bleed-out -42% since rejection from the upper-trendline at a local high of $330. Worse still, the descendant 20DMA has formed an intense ceiling of resistance that has suppressed BCH for 45 days since July 14.
Bullish Divergence & Oversold RSI
The RSI remains cooled-off with a significant oversold signal at 36.23, indicating that there could be capacity to push up higher. Bullish divergence on the MACD also appears promising at 0.5 – suggesting momentum could see another run at the 20DMA resistance zone around $190-$200 per coin in the near future..
Ultimately all eyes are on the resistance zone around the 20DMA – which threatens to make or break price action on the short term trajectory for BCH/USDT pairing moving forward into September and beyond..