Bitcoin Cash took cue from BTC's recent sharp reversal. But BCH's pullback hit a key confluence of breakout level and liquidity zone.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.retraced after hitting $249.7. At press time, BCH was positioned for a price reversal near $220 in the short term based on liquidation data at hand.that BCH could hit below $225 before rebounding. The idea was validated, but the drop extended to $206 in early October, affecting some long positions.
At press time, price action hit the above confluence area. The pullback could ease at the area, allowing bulls to attempt market re-entry, especially if BTC doesn’t post more near-term losses. Such a move will shift BCH’s focus to $237 or the price ceiling since August of $241 – $256 . Conversely, an extended pullback will force buyers to re-group at the next support and H12 bullish OB below $210 .
Meanwhile, the RSI and CMF recorded sharp downticks at press time. It demonstrated the eased buying pressure and capital inflows amidst sharp reversal in the past few hours.Based on Hyblock’s 12-hour Liquidation Heatmap, key magnet areas were around $235 and $225. The orange levels are high liquidation zones and could act as support, resistance, or magnetic zones.
The confluence of $225 with the liquidity on charts suggested a bullish reversal was highly likely in the area. The next bullish target, based on predictive liquidation, would be $235.Benjamin is a Telecommunication Engineering graduate who is passionate about crypto-markets and unraveling market trends. Armed with charts and patterns, he's interested in making the intricate, complex landscape of digital assets more palatable for every user.
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