Bitcoin Cash defended the $210 level at press time. But it could lose the level if BTC traverses this path...
The short-term support of $210.7 aligned with the 50-EMA . Sellers were unable to push BCH below the 50-EMA at press time.
If BTC holds above $27k, BCH could extend consolidation and lock recent gains above $210. The CMF moved sideways but was above zero, reiterating capital inflows were positive but wavered. However, the selling pressure intensified in the past few days, as reinforced by the negative RSI. So, a drop below 50-EMA and $210.7 could tip sellers to extend gains to $205 or the H12 bullish order block of $180 – $203 .The demand for BCH declined significantly in the Futures market between 15-20 September, as shown by the Open Interest rates. The metric eased from $250 million to around $214 million over the same period.
Nevertheless, the long-term trend was positive, as indicated by the positive Accumulative Swing Index . The ASI tracks the strength of price swings, and a drop to a negative reading could suggest BCH’s bearish long-term trend.