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Bulls seem need more time to accumulate energy for further growth, as most of the coins have entered a correction phase.
Top coins by CoinMarketCap
BCH/USD
Unlike other coins, the rate of Bitcoin Cash (BCH) has increased by almost 8% over the last 24 hours.
Image by TradingView
Despite today's sharp rise, the rate of BCH keeps looking bullish on the local time frame. At the moment, the price is trying to come back to the hourly resistance level at $144.6.
Denys SerhiichukIf buyers manage to do that, the rise is likely to continue to the $150 zone. Such a scenario is relevant until the end of the week.
Image by TradingView
A similar situation can be seen on the daily chart, as the candle is about to close above the level of $141.7, formed by a false breakout. If that happens and the bar closes with no long wicks, the upward move may lead to the test of the $160 zone shortly.
Image by TradingView
From the midterm point of view, traders should pay attention to the upper level at $156.8. If the test of it occurs, one can expect continued midterm growth to $200 and above as BCH has been in the accumulation zone for around a year.
BCH is trading at $143.4 at press time.
Alex Dovbnya
Tomiwabold Olajide
Dan Burgin
U.Today Editorial Team
Vladislav Sopov