BCH Explodes by 30% Daily, Here_s the Key Resistance (Bitcoin Cash Price Analysis)

2023-06-21 10:02:24

BCH broke its downtrend and the price quickly moved higher.

Key Support levels: $122

Key Resistance levels: $140, $155

With the breakout confirmed, BCH managed to spike by 30% in a short amount of time as buyers rushed to get exposure. The price hit a key resistance at $140 where sellers pushed back and stopped the price from moving higher. The current support is at $122.

Chart by TradingView**Trading Volume:**Explosive volume saw BCH break several resistance levels at once. If this is sustained, the key resistance at $140 will have a hard time stopping bulls.

RSI: The daily RSI is already in the overbought area at over 70 points.

MACD: The daily MACD is bullish, and momentum seems to favor a continuation of this price action.

Chart by TradingView## Bias

The bias for BCH is bullish.

Short-Term Prediction for ADA Price

This cryptocurrency seems positioned to continue its increase, but it’s very important to watch the key resistances at $140 and $155. If those fall, then BCH may enter a sustained rally.

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