BCH is moving in its support zone with a constant price downfall from its peaks to its lows. The coin forms lower low peaks and moves in a down-trending pattern. In the last two months, the coin has been moved in between the price range of $400 to $275. BCH has been a gainful coin for the bears and has given a return of 175% to its bears. The bears have constantly pushed the price down, and though the bulls tried to uplift the coin but couldn’t close above the high of $363. Yesterday, there was a decline of 9% in the coin. The price has got tested several times at the support line of $275 but has failed to close below it, which may make the coin turn around towards its highs.
On the daily chart, the MACD line is nearby to the signal line and the histogram chart shows red diminishing candles thus not specifying any clear view of the upcoming price move. To find more information regarding the future potential of BCH, traders can explore price forecasts or do their own research. The RSI indicator is 44, is currently neutral, and may lead to any direction as pushed by the bears or the bulls. Once the coin takes a U-turn from this point, it may reach its top horizontal line of $400. However, if the coin closes below the swing low of $257, a robust downside momentum can be expected.
On the weekly chart, the previous week’s candle shows that though the bulls tried to push the price up but couldn’t close near to its high. The price closed nearby to where it opened, and there was an overall price movement of 22%. The forming bullish candle rising from the support zone shows that the bulls are trying to push the price towards highs but are unable to do so. Once the coin closes above the previous swing high of $343, a gainful opportunity can be expected for the bulls. The volume bars showing remote movements indicate indecision between the bears and the bulls.
The investors should wait for the price to close above or below the swing high or swing low before entering the trade as the current price movement shows an unfavorable move between the bulls and the bears.
