June 21, 2024

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Could buying pressure on Bitcoin Cash reach $300?

Could buying pressure on Bitcoin Cash reach $300?

Buying pressure on Bitcoin Cash over the past 10 days has pushed the price above $250, paving the way towards $300.

the rising I’ve been working hard on it Bitcoin cash (Biosafety Clearing-House) In the Last 10 days, with its price above $250 thanks for the Buying pressure. This may It paved the way to reach $300According to Akashnath S at Ambcrypto.

Price action also reflects optimism. Moreover, the token It has expanded the upper time frame resistance area at $250 to turn it into a demand area.

High time frame charts e.g Daily and weeklythe opposite of A Strong bullish bias for BCH. he It rose from about $100 to $329 in June See a A healthy pullback to $180 before moving higher again.

Price action on the chart four hours A. pointed out Bullish intent. Market structure and momentum showed that It was possible to get more profits. he On-balance volume (OBV) also had an upward trend. While the trend was initially slow in September and early October, intense buying pressure in mid-October sent OBV higher.

this The increase in trading volume was reflected in the volume bars and was a sign of conviction in the market. he The sky box at the $250 psychological level represents the previous bearish H12 order block that became support on October 23. the Fibonacci levels (pale yellow) The recent rally is planned which represents some levels of extension that could be The bulls counter at $284, $301, and $309.

Therefore, it was possible Bulls will force another rally. he Heatmap for settlement with higher deadlines The Biosafety Clearing-House showed that The next area of ‚Äč‚Äčinterest was at $300. Moreover, the price The $275 level can also be considered a level that could offer some resistance.

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BCH could see a slight decline in the short term

The settlement level chart showed this Some short liquidation may take place if it moves towards the $265 area. This could encourage more operators To work for a long time with greater aggression, Thus generating liquidity in the south.

he Cumulative fluid levels were delta positive, but not overwhelmingly. So, A move towards $265 and a pullback was the likely scenario. Another aspect that traders can monitor is… It falls in the $235-245 region.

This can provide a A buying opportunity with a target of $284 (Fibonacci extension level) or higher with a good chance of success. As usual, A Bitcoin collapse could lead to bearish sentiment taking over in the short term.

Bitcoin cash It is trading in the red at midday Thursday at $253. The 70 and 200 period moving averages remain below the price, the RSI is down at 64 points and the MACD lines remain above zero.

Medium term resistance is located at $269.80. Meanwhile, Ei indicators are mostly bullish.

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