The last 24 hours marked another major decrease in BCH price as it dropped to $300. It has found support above this level, but there’s no assurance if it will hold for long in the latest down surge.

BCH overall market structure appears bearish on the daily chart, though the price is now captured in a range as supply turns low. We can expect a surge in volatility as soon as the supply level increases.

While trying to advance retracement yesterday, the asset saw a sharp rejection at $357.5 and later closed weakly. Things got worse today, and the price dipped to a low of $300. This price level has produced support but still looks very weak on the daily scale.

Considering the current fallout, it is uncertain if this level will hold for long. However, a hold above this low level could bring back the retracement. The bears are much more likely to sustain momentum from the look of things, . We may see bigger drops in the coming days.

Following the drops from the peak of $640, the impulsive movement is mostly subjected to a consolidation phase, where it gathers enough momentum before distributing. The ongoing consolidation phase could lead to a massive collapse if the price breaks below the previous monthly low.

BCH’s Key Levels To Watch

A continuous breakdown from the current trading level could slip the price to $285, followed by $279 – February’s low. A new low may surface at $250 and potentially $230 in the future.

Aside from the close $330 resistance, the rejected $357.5 level is an important resistance to watch for a recovery. A retracement above it should allow buying towards $396 and maybe $445.

Key Resistance Levels: $357.5, $396, $445

Key Support Levels: $270, $250, $230

• Spot Price: $303
• Trend: Bearish
• Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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