Bitcoin Cash (BCH) continued to face downward pressure over the weekend (September 9-10) and lost support at $190 at the time of writing. Meanwhile, Bitcoin (BTC) faced the risk of losing the lowest level of $25,800 at the time of writing, ahead of the Fed decision on September 20.
Since September 1, BCH had maintained the level of $190 until the weekend (September 10). Extra downward pressure directed sellers to break $190, and buyers tried to prevent further decline below $180, as indicated by a long lower wick on a bearish candlestick.
However, at the time of writing, BCH bulls failed to regain support at $190, and this level could turn into resistance. Such a move, especially if BTC fails to regain $26,000 in the short term, could encourage sellers to push down BCH prices.
If that happens, according to the charts, shorting at $190 after making profits at $180 in the altcoin could provide modest gains. Aggressive sellers could make profits at $176. If BCH drops to $165, a secondary short selling opportunity may also be possible.
However, a candlestick session closing above $193 on the 4-hour chart could invalidate short positions. Such an increase could lead bulls to focus on strong resistance at $200. Meanwhile, the RSI retreated in the low range on the current time frame, strengthening the selling pressure. Similarly, the CMF remained below the zero threshold, indicating weak and stagnant capital inflows into the BCH market.
According to Coinalyze, CVD (Cumulative Volume Delta) Spot started to decline from September 8, indicating increasing market leverage for sellers. At the time of writing, sellers still had a tight grip on control.
Meanwhile, Open Interest rates fluctuated between $180 million and $200 million in September. This indicates that demand for BCH fluctuated in September. It also highlights a general neutral sentiment and calls for monitoring BTC price movements before making any moves.