Sirwin
Sirwin

Bitcoin Cash (BCH) - More Room to Run Upwards?


I'm not much of prognosticator. I really don't even like to make price predictions on any crypto, given the unpredictable nature and volatility of any given token. However, I recently made the forecast that Bitcoin Cash would most likely propel over the $200 level. From my 6/24/23 post:

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That bull flag played out, and BCH hit another 1-year high. Currently, it sits at about $227. 

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It appears that BCH is consolidating at about the $229 level. While the trading volume has seen a continued decline over the past five days, there is still some hype about the token. For now, an increase in transactions and social media chatter. The metrics, according to LunarCrush, are still extremely elevated.

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So where are we heading from here? Again, I won't claim to be able to predict the future. I will say this: for now, it appears that the $228 level is acting as near-term support with resistance looking about $243. A break of that $243 level and a test of $250 would look good for BCH bulls. On the flip side, a break of $220 would mean another drop back to $200 would be the most likely scenario. In order for Bitcoin Cash to continue its rally, it will need to see sustained volume.

To put things into perspective, the token is far off of its all-time highs. But, for now, this bullish rally is generating a lot of attention.

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RocketEnthusiast
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dot com boomer - writing mostly on crypto, stocks, entertainment, etc.


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