BCH Technical Analysis: Price Is At The Bottom Of 2020
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It is too early to talk about the strength of buyers and their ambitions for a new growth wave. Though, the weakness of sellers is noticeable to the naked eye. The current weekly candle from 30 May has already absorbed the previous one. In fact, only one day of trading on the BCH market took place. Until buyers show their enthusiasm, the maximum target where we expect the BCH price is $271. It was after the break that the mark was given that the price began a new fall wave. Consolidation which lasted in the range of $271-$393 allowed sellers to gather good positions for the attack. So at the time of writing, we do not believe that buyers will be able to take control of the $271 mark without rebound down.
BCH Technical Analysis On The Daily Timeframe
However, analyzing the movement of the BCH price according to BCH technical analysis, you should not expect the price near the mark of $271 tomorrow. The chart clearly shows that during 12-14 May, buyers tried to take control of the local mark of $223. But, all they managed to do was leave the false breakdowns that were created at high volumes. This fact indicates the strength of sellers in the range of $223.
Given the daily BCH trading volumes, it is still unbelievable that buyers will be able to continue to grow to $271 without correction and retest of $175. If during this test buyers can withstand the pressure of sellers and the price does not update the local low- it will be a signal to a confident purchase of BCH. Breaking the $175 mark will indicate the end of the fall wave. In this case, you should postpone the purchase of BCH until better times. Though, a break of the $175 mark is an alternative scenario for us.
BCHBTC Price Has The Prospect Of Continuing To Fall No More Than 13%
The weekly BCHBTC price chart is not as positive as the pair before the USDT. The global downward trend has been going on since 2017. The BCHBTC price reached the lower trend line of the fall wave since April 2019. So far, buyers have not shown their strength and the probability of re-testing the lower trend line of the channel and updating the local low is quite high. This may not be the case, but be prepared that a strong local growth wave can start from the 0.0057 mark to the middle of the fall channel with a first target of 0.01. The first target on the way to this fall is the mark 0.0082.