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June 18, 2023
Currently trading at $107.45, Bitcoin Cash remains range-bound between $106.04 and $107.46.
As the day gets underway, chart analysis suggests Bitcoin Cash could be slowing down soon as it approaches resistance at $107.8. Of course, crossing it might suggest further gains are ahead. Trend and momentum analysis indicates that although up today, early price action saw Bitcoin Cash dropping below its 3 day Simple Moving Average at $106.07 — an early indicator that a new downward trend could be emerging. Having stamped out a session range of $106.04 to $107.46, Fibonacci-inclined BCH traders were highly concentrated around active Fibonacci resistance at $106.77.
Overall, while BCH has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Other markets are also showing gains as FTX Token soars 9.54% to trade around $1.36.
At the same time, TRON trades with no major change, around $0.072.
BCH has shed 18.84% over the past three months. BCH is currently trading with a market cap of 2 billion with an average daily volume of 78.72 million.
