Bitcoin CashLong
Decoding Technical Perspective of BCH Daily Chart!
In the Day frame, by March 3rd, the price breached the $320 resistance level and pushed out of the range towards the peak of $689.27, in which the BCH price was trading earlier between $90 to $300 for more than 626 days.
Due to the instability at a peak of $689.27, BCH plunged amid the bears' dominance. The long-term trendline proved too strong resistance, which restricted the price to the $422.34 mark.
By June 18th, 2024, BCH had decreased as low as $380, around which it hovered for a couple of days. Thereon, By July 1st, 2024, the notice of the Mt Gox exchange further hurt the price, and by July 5th, the price plunged further to $290.
At press time, BCH was near the previous long-term range's resistance that turned into a support level that buyers are trying hard to sustain. In the last couple of days, the price surged almost 25%, which signified bullish control slowly developing from the crucial support zone near $300.
If the buyers fail to surpass the resistance of $422.34, BCH would be back towards the support of $300, and breaching this would lead back in the range of $90 to $300. This is a range where it has spent a long time in the past, and in this range, the next support could be at $249.01, followed by $213.01. While in case of a rebound, the resistance that would pose interruptions is around $422.34 and $522.37.
The Indicators are bullish due to the bullish presence displayed in price, where MACD shows a bullish cross in a bearish vicinity, and RSI jumped from oversold after cutting 14-SMA from below, which, as of press time, flashed at 50.98.
Due to the instability at a peak of $689.27, BCH plunged amid the bears' dominance. The long-term trendline proved too strong resistance, which restricted the price to the $422.34 mark.
By June 18th, 2024, BCH had decreased as low as $380, around which it hovered for a couple of days. Thereon, By July 1st, 2024, the notice of the Mt Gox exchange further hurt the price, and by July 5th, the price plunged further to $290.
At press time, BCH was near the previous long-term range's resistance that turned into a support level that buyers are trying hard to sustain. In the last couple of days, the price surged almost 25%, which signified bullish control slowly developing from the crucial support zone near $300.
If the buyers fail to surpass the resistance of $422.34, BCH would be back towards the support of $300, and breaching this would lead back in the range of $90 to $300. This is a range where it has spent a long time in the past, and in this range, the next support could be at $249.01, followed by $213.01. While in case of a rebound, the resistance that would pose interruptions is around $422.34 and $522.37.
The Indicators are bullish due to the bullish presence displayed in price, where MACD shows a bullish cross in a bearish vicinity, and RSI jumped from oversold after cutting 14-SMA from below, which, as of press time, flashed at 50.98.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.