Daily (BCH) Value Forecast – July 8

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  • On June 22, the bulls reached the $500 price level but pulled back to commence a range bound move above the $$475 price level.
  • On the upside, if the bulls break above the EMAs, the crypto’s price will rise to retest the $475 resistance level.

BCH /USD Medium-term Trend: Ranging

  • Resistance Levels: $480, $500, $520
  • Support Levels: $400, $380, $360

Last week the price of BCH was in a range bound move below the 12-day EMA and the 26-day EMA. On June 22, the bulls reached the $500 price level but pulled back to commence a range bound move above the $$475 price level. On June 27, the bulls tested the $500 again and were resisted. On June 27,the EOS market had a downward correction to the support level at $400 . The crypto’s price is fluctuating above the $400 price level and below the EMAs.

On the upside, if the bulls break above the EMAs, the crypto’s price will rise to retest the $475 resistance level. On the downside, the crypto’s price is below the EOS which indicates that may likely fall. Meanwhile, the BCH market is in the oversold region of the daily stochastic but above the 20% range. This indicates that price is in a bullish momentum and buy signal.

BCH/USD Short-term Trend: Ranging

On the 1-hour chart, the price of BCH is in a sideways trend. The 12-day EMA and the 26-day EMA are sloping horizontally indicating that price is in a sideways trend. The BCH price is facing resistance at the $415 price level. On July 8, the bulls tested the $415 price level and were resisted. The price is retracing to the support level of the EMAs.

If the price breaks below the EMAs, the crypto’s price will reach the previous low of $400.
Meanwhile, the BCH market is in the oversold region of the daily stochastic but above the 60% range. This indicates that price is in a bullish momentum and buy signal.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.



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