Decoding Technical Perspective of BCH Daily Chart!

13 июл.

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.