Bitcoin Cash (BCH) Price Analysis for June 23

u.today 23 June 2023 17:29, UTC

Analytics

Bulls seem need more time to accumulate energy for further growth, as most of the coins have entered a correction phase.

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$BCH/USD

Unlike other coins, the rate of Bitcoin Cash ($BCH) has increased by almost 8% over the last 24 hours.

Image by TradingView

Despite today's sharp rise, the rate of $BCH keeps looking bullish on the local time frame. At the moment, the price is trying to come back to the hourly resistance level at $144.6.

If buyers manage to do that, the rise is likely to continue to the $150 zone. Such a scenario is relevant until the end of the week.

Image by TradingView

A similar situation can be seen on the daily chart, as the candle is about to close above the level of $141.7, formed by a false breakout. If that happens and the bar closes with no long wicks, the upward move may lead to the test of the $160 zone shortly.

Image by TradingView

From the midterm point of view, traders should pay attention to the upper level at $156.8. If the test of it occurs, one can expect continued midterm growth to $200 and above as $BCH has been in the accumulation zone for around a year.

$BCH is trading at $143.4 at press time.