Bitcoin Cash Faces Strong Rejection after Sudden Price Rally

[Galaxy]

Yesterday, BCH had a sudden price spike as the coin reached a high of $230. The price momentum crashed soon after reaching the recent highs.

Today, BCH is trading at $217 as the coin approaches the critical support at $200. Before the price spike, the crypto has earlier plunged to the low at $212.

The price was corrected upward but was hindered as it resumed a range bound movement between $215 and $223. The coin is still trading in this tight range as the next direction is uncertain. The coin has shown further downward move as price retests the 21-day SMA. Sellers are on the advantage of pushing prices down as they trade in the bearish trend zone.
Info link: https://coinidol.com/bitcoin-cash-price-rally/

[cryptopediabd]

Bitcoin Cash is likely to continue its downward move. This has been confirmed in the last rejection at the $230 high. Meanwhile, in the October 2 downtrend, the retraced candle body tested the 61.8% Fibonacci retracement level. This gives the impression that BCH will decline to the low at 1.618 Fibonacci retracement level.