Bitcoin Cash (BCH) has larger blocks than bitcoin, thus making it easier to use for transactions. Generally, BCH is preferred for transactions and BTC is preferred for holding. It is designed to be used as an electronic cash payment system, and now, it is classified as a transactional coin. Let us look at the technical analysis of BCH.
<h2><b>Past Performance </b></h2>
In the <a href="https://www.cryptoknowmics.com/news/bch-technical-analysis-the-next-global-target-is-2340/">past seven days</a>, increasing volume led to an increase in volatility, and the price traded between the range of $654.30 and $693.38. In May, it created its all-time high at $1651 and is 57% down from that level. And, in the last 24 hours, BCH has traded between $652.89-$699.83.

<img class="tv-snapshot-image" src="https://s3.tradingview.com/snapshots/6/6y8gZFOR.png" alt="TradingView Chart" />

<a href="https://www.tradingview.com/x/6y8gZFOR/">https://www.tradingview.com/x/6y8gZFOR/</a>
<h2><b>BCH Technical Analysis </b></h2>
In the last 24 hours, the price has increased by approximately 6%, by $40.87. Moreover, the price is near June's resistance level. After taking support at the $611 level, BCH is trying to break out from the $712 level. However, now, when the BTC has crossed $48k, we can expect BCH to also breakout and form new highs.

Now, let us see how indicators are reacting at this level.

Meanwhile, according to the <strong>Relative Strength Index,</strong> sellers have been dominating the trend. And, currently, it is taking support near the overbought zone. Currently, it is at 67%, making a bullish divergence. Therefore, we can expect it to bounce back after making support on the trend line.

The <strong>MACD lines</strong> are in the positive zone, thus suggesting a buy signal after a long time. However, the MACD is forming a<strong> bearish pattern</strong> as on a daily level, we can see a bearish crossover. Till the time the signal line crosses the MACD line from below, we will be in a bearish trend. Thus, a short pullback in the price can be expected.
<h2><b>Day-Ahead and Tomorrow </b></h2>
As the majority of indicators are indicating that the BCH price may fall for the rest of the day. Then, traders can take a short position if the price breaks below the support level of $611, and they can book profit at the next support level, which is $590. However, keeping the stop loss at the $712 level.

If in case the buying pressure takes over, then the market traders can go long. However, if the price breaks the crucial resistance level, which is at $714. The next target would be $803, and the stop loss would be $658.

BCH Technical Analysis: Short Position Possible if Price Breaks Below Support of $611

As the majority of indicators are indicating that the BCH price may fall for the rest of the day. If in case, the buying pressure takes over, then the market traders can go long if the price breaks the crucial resistance level which is at $714. The next target would be $803, and the stop loss would be $658. 

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.

BCH Technical Analysis: Short Position Possible if Price Breaks Below Support of $611

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