- BCH is trading at $251.8.
- Bullish sentiments can be observed in the movement of BCH price.
Will BCH Price continue to rise?
BCH coin price was falling continuously from April 2022 after the breakdown and retest of the support level. The price fell until its next support level which was $90 after July 2022 the price was stuck in the range between $90 to $150 till June 2023. And in June 2023 the market gave a huge volume candle breakout of the resistance level of $150 and the price was seen to gain more than 250% within one month. And in the current scenario, the price was falling to its support level of $225. in the short term, the price of BCH seems a little bearish but in the long term, this fall can be considered as a retest and the market is more likely to be bullish in the long term.
Will BCH price take the support of the EMA and Fib Retracement and will show a bullish momentum?
As we can that 50 ema crossed the 200 ema from the downside to the upside after which heavy buying was seen in BCH price after the breakout many buying orders were placed because of that breakout. The both EMA is trending in upward direction which shows the strength of buyers and if the price takes support from both ema or any one of the ema we can see a bullish momentum till its next resistance at $350.
According to the Fib Retracement, the price is currently at the $253 level. As mentioned above the current scenario the BCH is in bearish sentiment but still the 0.5 level of Fib Retracement is pending so the price can be seen going down to that level and then it can show a bullish momentum because the 0.5 level of Fib Retracement can be used as a good level for placing buying orders and in that 0.5 level there is good support level of $220. so it can be seen as a double confirmation level for bullish momentum to its next resistance at $350.
Conlucsion
BCH price is currently trading above at its support zone and is consolidating for the base formation. If the price sustains at the support zone, a good upside momentum is expected.
Technical levels
Resistance levels: $350
Support levels: $220
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
