Bitcoin Cash Halving Rally Comes Short Of $300: Pennant Pattern Reversal Eyes $200

Published by
Bitcoin Cash Halving Rally Comes Short Of $300: Pennant Pattern Reversal Eyes $200
  • Bitcoin Cash price in bearish correction after mining reward halving on Wednesday.
  • The formation of pennant pattern hints that reversal under towards $200 is in the picture.
  • Bitcoin Cash finally went through its halving where mining rewards were reduced by half. Halving assists Proof of Work (PoW) networks to control their supply. Past halving events for Bitcoin (BTC) resulted in price rallies, however, the trend appears to be changing. Halvings are experiencing less and less speculation and volatility.

    For instance, Bitcoin cash rally before the halving on Wednesday closed in on $300 but came short forming a monthly high at $280. Moreover, following the halving, BCH/USD has thinned in value, dropping towards $260 support. At the time of writing, the price is dancing at $264 amid a building bearish pressure.

    Looking at the Relative Strength Index (RSI) in the 4-hour range, it is unlikely that Bitcoin Cash will continue to with the movements towards $300. If the RSI keeps on with the retreat from the overbought it could soon test support at 50. A move such as this will encourage more sellers to join the market and eventually force Bitcoin Cash towards key support levels at $240, $220 and $200.

    Advertisement

    BCH/USD 4-hour chart

    BTC/USD price chart by Tradingview

    Consequently, the formation of a bearish pennant pattern hints that a reversal is in the picture, especially if the resistance at $280 remains unconquered and losses break the pennant’s support. The 50 SMA at $242 and the 100 SMA at $230 are in a position to provider cushion to any extended loss in value.

    Bitcoin Cash Intraday Key Levels

    Spot rate: $264

    Relative change: -3.70

    Percentage change: -1.36%

    Trend: Bullish

    Volatility: Low

     

    Advertisement
Share
John Isige

John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • News

Trump Tariffs: Secretary Bessent Declares ‘Fantastic’ Trump–Xi Talks, Bitcoin Breaks $113,000

Bitcoin (BTC) has climbed above $113,000 as optimism grew ahead of President Donald Trump’s meeting…

October 26, 2025
  • News

Will Bitcoin Rally as JPMorgan Tips Fed To End QT at FOMC Meeting?

Bitcoin traders are turning their attention to this week’s Federal Open Market Committee (FOMC) meeting.…

October 26, 2025
  • News

White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC

White House crypto czar David Sacks has shown his support for Donald Trump's nomination of…

October 25, 2025
  • News

Ripple Explores New XRP Use Cases as Brad Garlinghouse Reaffirms Token’s ‘Central’ Role

Crypto firm Ripple has revealed that it is exploring new ways to use XRP within…

October 25, 2025
  • News

Kyrgyzstan Adds Binance Coin (BNB) to National Crypto Reserve, CZ Confirms

Kyrgyzstan has made a significant move in the adoption of digital finance. It has now…

October 25, 2025
  • News

Ripple-Backed Evernorth Grows XRP Treasury to $1B Ahead of Nasdaq Listing

Ripple-backed Evernorth's XRP treasury has grown to $1 billion just days after the company announced…

October 25, 2025