Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.Shorts held a 52.21% advantage on the exchange long/short ratio.
went on a remarkable bullish rally in late June that launched it to a 2023-high of $329. However, July brought a change of fortunes for BCH, as bears formed a resistance level at $311 which led to a 30% dip.While buyers are still up significantly, sellers can advance the bearish momentum with its price currently trading below $250.
The on-chart indicators hinted at a change in momentum for BCH. The Relative Strength Index remained under the neutral 50 and continued to edge toward the oversold zone. The Chaikin Money Flow also stayed negative with a reading of -0.14. Collectively, the indicators revealed declining buying pressure and strong capital outflows.
The 12-hour timeframe showed that bears had broken below the key $248 support level. With declining volume, bulls could lose more ground with sellers looking to drive the price to the $186 – $220 level. Nonetheless, another rally by BTC to $31k could prop up Bitcoin Cash at the current support level with bulls able to target the $280 price level.
Coin Coin Latest News, Coin Coin Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »
Source: CryptoAmb - 🏆 22. / 68 Read more »
Source: CryptoAmb - 🏆 22. / 68 Read more »