Chart by TradingView
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.
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.
The bias for BCH is bullish.
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.
