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Bitcoin Cash (BCH) Price Analysis for June 24

Sat, 06/24/2023 - 19:00
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Denys Serhiichuk
Has price of Bitcoin Cash reached overbought zone yet?
Bitcoin Cash (BCH) Price Analysis for June 24
Cover image via www.tradingview.com

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The prices of coins keep rising on the first day of the weekend despite the recent sharp growth.

Top coins by CoinMarketCap

Top coins by CoinMarketCap

BCH/USD

Bitcoin Cash (BCH) has gained a lot of value, its price has rocketed by more than 30%.

BCH/USD chart by TradingView

Image by TradingView

On the local chart, the rate of Bitcoin Cash (BCH) has made a false breakout of the $200 zone. Currently, one should pay attention to the day's closure. If it occurs below the middle of the narrow channel at $190, the decline is likely to continue to the support at $180.5.

BCH/USD chart by TradingView

Image by TradingView

On the bigger time frame, the price has also made a false breakout of yesterday's peak at $193.5. The volume has sharply risen, so traders might have started fixing their positions. In this regard, sellers might seize the initiative, which can lead to a drop to the $170-$180 zone within the following weeks.

BCH/BTC chart by TradingView

Image by TradingView

The situation is a bit better for bulls on the daily chart against Bitcoin (BTC). Buyers are trying to keep the rate above yesterday's peak at 0.0062. If they manage to do that, the upward move may continue to the 0.007 area soon.

BCH is trading at $190.3 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.