Bitcoin CashShort
BCH trades at the resistance that turned to support
On the daily chart, the price shows that the price has traded in a range of $90 to $300 for more than 626 days. On March 3rd, the price breached the $320 supply level and moved out of the range towards the peak of $689 by forming a proper pullback by April 6th.
Thereon, due to instability in price, the BCH started to dip due to bears' control and instability at that level, as the presence of long-term trendline resistance was a string, which pushed it below $422 support.
After reaching the support, the price started consolidating in a range and broke further below by June 18th, 2024. After a constant consumption at $380 for a few days, by July 1st, 2024, the notice of Mt Gox exchange led its price to slide further below, in the consecutive response with BTC.
At press time, the BCH trades at the resistance that turned to support, where buyers are trying hard to sustain, but if it fails, the BCH would be back in the range of $90 to $300, which it spent a lot of time in history.
Therefore, based on the bearish trend daily, if this $315 support gets breached massively, the next support could be at $249, a $213. While, in case of resurgence, the resistance would pose interruptions around $362 and $422.
The Indicators are bearish, where MACD shows a bearish cross, and RSI at 26 is oversold.
Thereon, due to instability in price, the BCH started to dip due to bears' control and instability at that level, as the presence of long-term trendline resistance was a string, which pushed it below $422 support.
After reaching the support, the price started consolidating in a range and broke further below by June 18th, 2024. After a constant consumption at $380 for a few days, by July 1st, 2024, the notice of Mt Gox exchange led its price to slide further below, in the consecutive response with BTC.
At press time, the BCH trades at the resistance that turned to support, where buyers are trying hard to sustain, but if it fails, the BCH would be back in the range of $90 to $300, which it spent a lot of time in history.
Therefore, based on the bearish trend daily, if this $315 support gets breached massively, the next support could be at $249, a $213. While, in case of resurgence, the resistance would pose interruptions around $362 and $422.
The Indicators are bearish, where MACD shows a bearish cross, and RSI at 26 is oversold.
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