Crypto News – At the beginning of the year, the price of BCH surged as it broke out of a long-term falling resistance trend line. The trend line was established for almost 600 days at the time of the breakout.
New Hopes for Bitcoin Cash Price: BCH May Rebound
Prior to the rally’s exhaustion, the surge in value produced a new BCH annual high of $329 in June. Subsequently, the price of BCH has decreased and is currently fluctuating within a prolonged range. Up until now, October 23 (red icon) has been the lowest high that BCH has created.
The daily reading indicates a bearish price trend for BCH, despite the mixed weekly reading. The RSI readings and the price action are to blame for this. The BCH price fell down from an ascending parallel channel, which is regarded as a bearish pattern, according to the price action. It appears from the breakdown that the increasing trend has ended. Furthermore, the daily RSI supports the decline. The indicator is in a negative trend since it is declining and is below 50.
According to TyDigital, the price will rise
After first dropping to support, cryptocurrency trader TyDigital thinks the price will rise sharply.
Price has made a macro doubled bottom and appears to be forming a bull flag on the midterm time frame. If $BCH ever makes it back towards $150, that will be a strong buy zone.
TyDigital
The altcoin has the potential to drop another 18% and reach the $180 horizontal support region if the bearish trend in the BCH price persists. The support level and the 0.618 Fib retracement support level are likewise coincident.
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