Is It Too Late to Buy Bitcoin Cash? BCH Price Pumps Up 6.5% and Shibie Coin is Fast Approaching $200,000 – Next Top Barbie Meme Coin?

Bitcoin Cash (BCH) is facing a tumultuous move as a second retest of topside resistance from the 20DMA seems destined to enter retracement.

This comes amid a bleak downside move for BCH, which has bled-out -27% since a local high at $330 on June 30 amid wider disarray in altcoin markets.

BCH Price Analysis: Is it too Late to But Bitcoin Cash?

As BCH holders battle tough resistance from the 20DMA, price has shifted lower, with Bitcoin Cash currently trading at $237.3 (a 24-hour change of -0.17%).

This come following an impressive day for BCH, which pushed up a respectable +11.9% as Bitcoin Cash bulls targeted a retest of the 20DMA.

However, the 20DMA has emerged as a tough ceiling of resistance in recent weeks, with a similar test on July 31 rejecting in dramatic fashion with a -16% move.

And while the ongoing resistance test appears to be teetering towards the downside, there is some silver-lining to be found in the strong display of 12 days of sustained buy pressure driving a second retest.

Better still? Price action is still trading high above foundational support from the 200DMA, leaving technical structure with a lot of breathing room.

Yet, Bitcoin Cash’s indicators still provide little reassurance, with the RSI sat on the fence at 50.37, and the MACD signalling bearish divergence at -1.7.

Overall, Bitcoin Cash seems set to consolidate and probe further at the 20DMA on the short time frame.

If the 20DMA is flipped to footing, then BCH has a topside target at the upper trendline around $300 (+25.95%).

However, downside risk in the event of rejection by the 20DMA could see price fall to $190 (-20.24%).

This leaves BCH with a risk: reward ratio of 1.28 – a mediocre entry with consolidation likely on the cards.

But while Bitcoin hard fork enthusiasts are staring at the chart, smart money have began to rotate profits to chase the hype, and no project is more relevant right now than the meme token banking big on Barbenheimer.

Banking Big on Barbenheimer: Meet Shibie

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Barbie-Themed Inu Attracts New Class of Gen X Meme Coin Investors

With 1,000x gains or even more on the horizon, Shibie is set to outshine even the brightest stars in the crypto market.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.