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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
BCH/USD
Bitcoin Cash (BCH) has gained a lot of value, its price has rocketed by more than 30%.
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.
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.
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.
Alex Dovbnya
Vladislav Sopov
Dan Burgin