BCH Price Analysis – June 22
The BCH/USD went from $413 to $441 yesterday and took over from there to where it is now. The technical analysis indicator shows that bulls do control the market at the moment.
Resistance levels: $600, $650, $700
Support levels: $300, $250, $200
As revealed in the 4-hour chart, BCH/USD is changing hands to $469.7. The coin is still trading above the 50-day exponential moving average, which indicates an uptrend in Bitcoin Cash. At the moment, the market price has moved to the upper limit of the Bollinger bands and MACD has begun to issue a purchase signal.
In addition, BCH/USD went up from $413 to $441.1 so far. The daily market is taking a tendency in the formation of triangles, preparing for a break. On the positive side, the BCH/USD bulls must overcome the resistance at $515.3, which could probably take it to the next resistance levels at $600, $650 and $700. If it does not move back to the $515.3 high today, Bitcoin Cash could fall back to support levels at $300, $250 and $200.
Compared to Bitcoin, the market has evolved for quite a while in a very different way. But at this moment, the bears are strongly controlling the market while trying to break the bottom of the channel and still below the 50-day EMA while the RSI 14 tries to recover from the oversold territory.
However, according to the current market, BCH is trying to find stability, apparently unable to grow and not wanting to surrender. It can go both ways from here, although a new drop is more likely. If a new rally occurs, as many in the crypto community wish, the gains are still possible and may like head to the resistance of 0.0600 BTC. Otherwise, Bitcoin Cash will probably start testing the durability of its support at 0.0320 BTC.
Please note: Cryptovibes.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.