BCH four-hour level is currently at a key battleground!
From the market perspective, although the closing price of $493.57 has decreased by 0.69% from the opening price, the middle band of the Bollinger Bands at $471.63 provides strong support, while the upper band at $496.06 serves as short-term resistance. It is noteworthy that after testing the high of $500.48, the price fell back, indicating significant selling pressure at this round number.
Technical indicators are releasing mixed signals: RSI6 has risen to 74.2, indicating overbought conditions, but the MACD golden cross continues and the histogram remains positive, suggesting that bullish momentum is still present. Coupled with the support of the large bullish candle on June 17, the 490-500 range will become the battleground for bulls and bears. If the upper band is broken, a retest of the $520 previous high is possible; if it fails to hold $490, it may retrace to the $475 support level.
Current operation suggestion: Aggressive traders may consider opening long positions in the 490-495 range with a stop loss set below 485; conservative traders are advised to wait for a clear breakthrough above 500 or a pullback to around 475 before entering the market. Pay close attention to the closing situation at 8 PM tonight; consistently holding above 495 will open up new upside potential.
