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- 1 The technical indicators for the Bitcoin Cash crypto are in a strong consolidation phase.
- 2 BCH price has been near the 20 and 50-Day EMAs for the last three months.
Bitcoin Cash has been making higher lows and highs and has not made any new lows in the last three months. The chart shows that the crypto has been in a consolidation phase, with no significant changes in the last week, month, and quarter, by 2.62%, 0.51%, and 3.58% respectively.
The crypto price action shows that in June 2023, the price had a big rally from the support zone at $100 to the resistance zone at $330.
After that, the BCH price fell from the resistance zone, dropping to $165 where it found support. Then, the BCH crypto started to recover slowly, rising from the support level on the chart.
At the time of writing, the BCH crypto is down 0.22% in the last 24 hours, trading at $234.98, and moving sideways. The BCH crypto has shown a sign of optimism as the price rebounded from a crucial support level of around $218 on the chart.
The Bitcoin Cash crypto is ready for a massive surge, as it has been in a long consolidation, showing balance on both sides. Now, to break the resistance level and soar to new levels, the buyers need to gain more strength, to defeat the sellers and dominate them.
Moreover, the BCH asset is showing bullish power as it has held on to a key support level and rising potential as it has been hovering near the 20 and 50-Day EMAs for the last three months.
The technical indicators for the Bitcoin Cash crypto are in a strong consolidation phase as MACD and the signal line are moving together around the zero line, a push from the buyer’s side could trigger a bullish cross.
The RSI shows that both curves are moving together, and show a lack of momentum, and the buyers’ push could make the RSI curve cross the 14-SMA from below and move the price from bearish territory to bullish territory.
Therefore, if the demand for the BCH increased, the price could rise from the current level. The next target for the price would be $265. However, if the Bitcoin Cash crypto price drops below the $218 level, then it could fall further.
Summary
The Bitcoin Cash crypto is ready for a massive surge, as it has been in a long consolidation phase, showing balance on both sides. Now, to break the resistance level and soar to new levels, buyers would need more strength
The technical indicators for the Bitcoin Cash crypto are in a strong consolidation phase, a push from the buyer’s side could trigger a bullish cross. Therefore, if the demand for the BCH increases, the price could rise from the current level. The next target for the price would be $265.
Technical Levels
Support Levels: $218
Resistance Levels: $265
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
