- Bitcoin Cash languishing in bear pressure following $300 support break.
- Oversold levels suggest that a reversal impends in the coming sessions.
The gradual selloff in the cryptocurrency market has seen Bitcoin Cash press hard on possible support targets. In fact, the entire market is painted red on Wednesday BCH/USD correcting lower 3.23%.
The retreat from the hurdle at $340 has seen Bitcoin Cash price depreciated in value significantly forming a lower low pattern below the descending trendline resistance. While $300 level held though most of the trading yesterday, the bears engaged full throttle gears sending BCH/USD below the key 21 Exponential Moving Average (EMA). The move further pressed down on $300 resulting in a dip under $285.
Support has since been formed at $282 and a shallow correcting is battling $290 resistance. The full stochastic oscillator shows Bitcoin Cash having reached oversold levels. Buyers are calling for a reversal from the dip especially with the oscillator stepping above the oversold region (above 30). The bulls must ensure to pull Bitcoin Cash above $300 to ensure in order to crypto out of the bear range.
BCH/USD 1-h chart