Will BCH Price Cross $200?BCH's Rebound from 200-day EMA: Bitcoin Cash has bounced back from the 200-day EMA, indicating a potential reversal from the bearish trend.
Key Resistance at $200: BCH is challenging the $200 resistance level. A successful breach could lead to a price target of $228 or even $258.
Historical Performance: After a 200% rally in June, BCH saw a significant correction, dropping below $200. Despite this, its YTD growth stands at 99.18%.
Current Trading Price: BCH experienced an 11% bounce from the 200-day EMA but faced resistance at $200, causing a 3.07% drop. It's currently trading at $191.57.
RSI Indicator: The daily RSI has moved out of the oversold territory, hinting at potential bullish momentum.
External Factors: The upcoming deadline for Blackrock and Grayscale Bitcoin ETF could act as a catalyst for BCH's price movement.
Correlation with Bitcoin: BCH's price movement is closely tied to Bitcoin's performance. A potential recovery in Bitcoin could benefit BCH, pushing it towards $228 or $258.
Potential Downtrend: If Bitcoin drops below $26K, especially with delays in SEC's Bitcoin ETF approval, BCH could see a decline. A drop below $180 for BCH might lead to a further decline to $150.