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Bitcoin Cash (BCH) Price Analysis for June 29

Thu, 06/29/2023 - 16:28
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Denys Serhiichuk
Has price of Bitcoin Cash (BCH) approached overbought zone by now?
Bitcoin Cash (BCH) Price Analysis for June 29
Cover image via www.tradingview.com

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The cryptocurrency market seems not to have decided which way to move as the rates of some coins are rising while others have come back to the red zone.

Top coins by CoinMarketCap

Top coins by CoinMarketCap

BCH/USD

The rate of Bitcoin Cash (BCH) keeps rising, going up by 4% over the last 24 hours.

BCH/USD chart by TradingView

Image by TradingView

On the hourly chart, the price of Bitcoin Cash (BCH) is trading near the local resistance level of $246. The volume has started to fall, which means that bears might locally seize the initiative.

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Ethereum (ETH) Price Analysis for June 28

However, if the candle closes near the mentioned mark, the upward move is likely to continue to the $250 zone and above.

BCH/USD chart by TradingView

Image by TradingView

On the bigger time frame, one should pay attention to the bar closure in terms of yesterday's peak at $244. Currently, the price has made a false breakout of it; however, if the candle closes with no lock wicks, growth may lead to the test of the $260-$280 area by the end of the week.

BCH/USD chart by TradingView

Image by TradingView

From the midterm point of view, the resistance at $259.6 that serves a mirror level plays a key role for traders. As the rate has sharply risen since the beginning of the month, there is a chance to see a bounce back from the zone around $260. Such a scenario is relevant until mid-July.

Bitcoin Cash is trading at $243.3 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.