BCH upside capped at $235 as bears take control

 

  • The sellers have so far nearly canceled out all the gains that the buyers made yesterday
  • BCH has two healthy support levels at $227 and $225. 

This analysis powered by TopAsiaFX

BCH/USD bulls were in full control of the market for the last two days. During this period, they could take the price from $ 222.50 to $ 235. The number of holders 100 000 – 1 million pieces BCH has increased from four to six in the previous ten days, which could affect the price.

BCH/USD daily chart

However, following the increase of price action, the price failed to line resistance 235 $ and has since fallen.

After failing the $ 235 level, the bears have taken over the market and lowered the price of $ 229.35. Sellers have canceled almost all the gains that buyers did yesterday. The RSI is a trend around the neutral zone, which means may drop even more BCH / USD before it was undervalued.

BCH/USD daily confluence detector

fxsoriginal

The confluence detector is a handy tool that shows us the levels of resistance and support healthy. This determines the potential to increase or decrease in assets. When it comes to BCH / USD, there are two strong resistance levels at $ 233 and $ 235. The first monthly pivot point a one-carrier, while he has the strength of a weekly pivot point.

However, BCH has two levels of health support for $ 227 and $ 225. The first week was a Fibonacci 61.8% retracement level, while it has a low previous day.

BCH will soon go through a period of consolidation that licensees are preparing for a third band in four years.

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