BCH Technical Analysis Report | 22nd-June-2023

Bitcoin Cash (BCH) has demonstrated strong performance in terms of price appreciation over the past 24 hours compared to other cryptos in the top 100 by market capitalization. Its price has risen from $104 to $129, resulting in a market cap increase of $450 million. Additionally, the recent launch of EDX Markets, a crypto exchange backed by notable institutional investors such as Citadel Securities, Fidelity Investments, and Charles Schwab, likely contributed to the impressive rally of BCH. Currently, BCH is among the four cryptos supported on the EDX exchange, along with BTC, ETH & LTC.

At the time of writing, BCH was trading at $139.1.

Bitcoin Cash (BCH) Daily Chart | 22nd June 2023
Bitcoin Cash (BCH) Chart

BCH after making a ‘Tweezer Bottom’ pattern at the low of $87 (on 10th November 2022) witnessed a sharp rally and the prices surged almost by 77% up to $154.4. The asset resisted at the higher levels by making a ‘Doji’ candle and saw profit booking. BCH was taking good support at the ascending trendline. The asset finally broke the uptrend line and the prices plunged to $90.3. However, it didn’t break the previous bottom of $87 and the lower longer shadow indicated buying at lower levels. The asset started consolidating and was resisting at the $120 level. The bulls were finally able to cross the resistance and it made a high of $152. $154 (Previous Top) will act as a strong resistance and to further rally it needs to break and close above that level.

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