BCH: Technical Analysis Report | 3rd-August-2023


Currently, Bitcoin Cash (BCH) is trading at $228, showing a decrease of 5.61% over the past 24 hours. This ongoing movement in the asset price reflects a downward trend that has persisted since the beginning of July. Analysts are anticipating a further decrease in the value of Bitcoin Cash due to factors such as increased competition and a perceived lack of innovative developments on the BCH  network. Conversely, the bullish perspective maintains that the long-term outlook for Bitcoin Cash remains positive. This optimism is supported by the fact that the weekly Relative Strength Index (RSI) for Bitcoin Cash (BCH) is above 50, often interpreted as an indication of a potential reversal towards a bullish trend for the token.

At the time of writing, BCH  was trading at $229.

BCH witnessed a rally in June and the prices surged almost by 265% from the low of $90.3 up to $329. The asset saw some profit booking at higher levels and witnessed some correction and the prices dropped to $231. After this move, BCH started consolidating from $231 to $255. Yesterday, the asset gave a breakout below the range and made a low of $220.7. BCH has strong support at $219.5 (Horizontal Trendline & 50-Day Moving Average) whereas $231 to $255 will act as a strong resistance zone for the asset.

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