Technical analysis shows that Bitcoin Cash (BCH), which has made remarkable progress over the last 10 days, may present additional opportunities before the end of June. Confirmed increasing market sentiment for altcoin on indicators.
Bitcoin Cash (BCH) could be the best altcoin to watch before June ends
Both BCH’s RSI data and price action point to further growth, according to new analysis from technical analyst Valdrin Tahiri. BCH price has outperformed Bitcoin since June 10 in the slump that engulfed almost the entire altcoin market. In terms of price, it has been falling below a descending resistance line since February 21. The downside momentum found support at the yearly low of $90 on June 10.
However, the price almost instantly reversed its trend. In the process, he created a very long-tailed candle. On June 21, the price broke off the line, confirming that it had completed its correction. Besides, it is now trading above the $136 resistance area and confirming it as support.
It also supports the continued rise in the daily RSI. RSI above 50 indicates that the bulls still have an advantage. RSI below 50 indicates the opposite. The indicator is currently above 50 and is trending upwards.
BCH price prediction: Wave count suggests new highs
Elliott Wave theory also supports the continued increase. Technical analysts using this method study recurring long-term price patterns and investor psychology to determine the direction of a trend. Since November 2021, the wave count shows a completed five-wave increase (white) followed by an ABC correction (black). If the count is correct, BCH price has now started a new upward move that will at least push it to a new year high and possibly much higher.
If both bullish spikes have a 1:1 ratio, BCH price will reach $159. However, if the move extends and yields a 1:1.61 ratio to the gains, it could move up to $200. Due to the steepness of the current increase, expansion is outweighed. Despite this bullish forecast, a drop below $110 will invalidate the bullish scenario. In this case, the price will bounce back to the new year low. According to the analyst, it will likely reach $60 after this level.
How is the altcoin market?
cryptocoin.com As we reported, Russia-linked altcoins trended after the coup attempt in the country. Meanwhile, the top 10 cryptocurrencies are trading above critical support levels.
- BTC (Bitcoin) – $30,667.87
- ETH (Ethereum) – $1,920,40
- BNB (BNB) – $239.85
- XRP (XRP) – $0.4941
- ADA (Cardano) – $0.2995
- DOGE (Dogecoin) – $0.06766
- LEFT (Solan) – $17.23
- TRX (TRON) – $0.07343
- LTC (Litecoin) – $88.81
- MATIC (Polygon) – $0.6748
- DOT (Polkadot) – $5.20
- TON (Toncoin) – $1.48
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Read more Expert: This Altcoin Is The Best Coin To Watch In June!