BCH's rally cooled off briefly, setting bulls' focus on the 61.8% Fib level as a key retracement level. Can they clear upper hurdles and cross $300?
In particular, BCH outperformed BTC, rallying over 200% in 10 days, jumping from $105 to over $300.
BTC posted about 19% gains in the same period. PEPE and BCH’s remarkable performance at the time of writing made them part of the top three on the “Hot Trending” list on CoinMarketCap.The RSI has been in the overbought zone since 21 June – over 10 days. It denotes strong buying pressure in the same period. Similarly, the CMF surged above zero, highlighting massive capital inflows for BCH.
So, the bulls had the leverage to push forward. The next critical hurdle exists at the March 2022 high of $391. But before that, BCH bulls must clear the 78.6% Fib level and $348 roadblocks further their advance. Conversely, any faltering at 78.6% Fib level could set a likely retracement at $273/$276. Bulls are expected to defend these levels to protect recent gains and attempt to clear the recent high at 78.6% Fib level.On the 4-hour chart, the CVD surged at the end of June, denoting increased demand in the same period. However, the metric eased, meaning the rally cooled off, offering short-sellers market entry.worth of short positions have been wrecked in the past 24 hours as of press time.
Santiment shows that the recent BCH price action coincided with strong whale interest from 20 June. Whales were conspicuously no-show from 12 June but slid through from 20 June, setting BCH to a new high in 2023.
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