BITCOIN CASH ANALYSIS-207.80: Could BCH skyrocket in the near future?

CH broke Bullish Pennant on the 4-hour chart, began descent

In the past 24 hours, Bitcoin Cash experienced a significant setback, plunging by more than 6.50%. This downturn erased the previously gained momentum following Grayscale's recent legal victory over the US SEC. Adding to the unfavorable circumstances, the release of data revealed that the United States' second-quarter GDP growth failed to meet expectations, compounding the cryptocurrency's decline.

On The Daily Chart:

Bitcoin Cash (BCH) saw a decline from $230, similar to Bitcoin's drop. To initiate a new uptrend, BCH/USD needs to maintain support above $195. BCH managed to break above $195 and $200 resistance levels, even reaching $220, but faced selling pressure. A significant bullish trend line was breached with resistance around $208 on the 4-hour BCH/USD chart. The price peaked near $228.46 before correcting lower, falling below $225, $220, and the 23.6% Fib retracement level. Bears drove the price under $210, and it's currently trading below $212 and the 50-hour simple moving average.

On The 4-Hour Chart:

Breaking the Bullish Pennant pattern on the 4-hour chart, BCH initiated a descent. Bears successfully overcame the $211 support level and invalidated the pattern. Notably, bearish pressure became evident around the $200 mark, resulting in a peak at approximately $203.10. Presently, BCH finds itself within the confines of a Bearish Flag pattern.

According to Coingabbar Price Analysis, the market capitalization of BCH is estimated to be $4,032,192,775. The 24-hour trading volume for the coin is around $230,962,447.

KEY LEVELS :

RESISTANCE LEVEL : $211-$215

SUPPORT LEVEL : $204-$200

Is Bitcoin Cash trading at a lower value compared to the wider cryptocurrency market? Could Bitcoin Cash potentially experience a significant surge similar to a rocket's thrust? Please share your opinions in the comments section below.

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.