Over the monthly time frame, BCH price deflected thrice from a dynamic downward trendline from 2018 to 2024. The crypto has been under investors’ radar ever since the Mt Gox repayment saga began.
Over the monthly time frame, one must wait for the formation of a descending triangle. Despite the bearishness in the price, BCH was approaching a crucial level, where investors might find the pattern attractive, and could step in.
What Does Weekly Chart Show?
Over the weekly time frame, BCH has been declining from the $689 high of April 1st, 2024, which it reached from the support of $93 by June 12th, 2023. The gains were more than 600%, but the long waiting trendline pushed the price below. Eventually, it lost 60% of its gains from the peak.
The MACD shows a strong bearish cross, EMA shows a death cross, and RSI is declining from 14-SMA. Bitcoin Cash (BCH) highlights that on a weekly TF, the price could take support at $213. Similarly, breaching this $213 would take the price towards the major support of $93, where history has shown a tremendous surge in the past.
What Does Repayment Notice Said For BTC, and BCH?
A profile by Robyn HD tweeted a notice regarding the repayment in Bitcoin and Bitcoin cash. On July 5th, 2024, the rehabilitation trustee made repayments in BCH and BTC to some of the rehabilitation creditors, in accordance with the earlier shared rehabilitation plan.
Mt. Gox hat offiziell bestätigt, dass die #Bitcoin und $BCH Rückzahlungen begonnen haben.
— RobynHD (@TheRobynHD) July 5, 2024
Die jüngsten Transaktionen sind also keine Tests mehr.
Bald haben wir die Mt. Gox-Geschichte, die uns seit Jahren begleitet, endlich hinter uns gebracht! https://t.co/PC67Vd44Kn pic.twitter.com/tKpD93597H
The notice further stated that to some, it has been done, and for the remaining, they asked the eligible rehabilitation creditors to wait for some time, as they would fulfil once the described conditions have been met, as per the notice.
BCH Daily Chart Overview!
On the daily chart, the price was trading between $90 to $300 for more than 626 days. On March 3rd, the price breached the $320 supply level and moved out of the range towards the peak of $689 by forming a proper pullback by April 6th.
Due to the instability, BCH dipped amid the bears’ control and instability at that level. The long-term trendline resistance proved too strong, restricting the price to the $422 mark.
By June 18th, 2024, BCH had fallen as low as $380, around which it hovered for a few days. By July 1st, 2024, the notice of Mt Gox exchange further hurt the price with, BTC was hit too.
At press time, BCH was near the resistance that turned into a support level, where buyers are trying hard to sustain. If the buyers fail, BCH would be back in the range of $90 to $300. This is a range where it has been in for a long time in the past.
Therefore, based on the bearish trend daily, if this $315 support gets breached decisively, the next support could be at $249, followed by $213. While, in case of a resurgence, the resistance would pose interruptions around $362 and $422.
The Indicators are bearish, where MACD shows a bearish cross, and RSI at 26 is oversold.
BCH peaked and declined multiple times over the monthly and weekly timeframes. The weekly chart shows a decline from $689 to $93 along with bearish indicators.
BCH on the daily chart was trading between $90 and $300 for over 626 days. It breached the $320 mark and reached the $689 mark, from where it fell, and eventually fell below $422 support.
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.
