🎙️【BCH Morning Market Report｜August 4th 09:00】
Good morning, friends. Here is the latest market news for BCH.
📌Current Price: As of 9 AM, Bitcoin Cash (BCH) is priced at $550, up about 4.6% in the past 24 hours, making it one of the stronger performers among major cryptocurrencies yesterday.
📈Market Review:
Yesterday, BCH tested the support range at $525, but began a strong rebound in the evening and has stabilized above the $550 mark this morning, forming a "V-shaped reversal" structure in the short term.
📊Technical Analysis:
• The RSI indicator has risen to a neutral to strong zone, indicating a recovery in momentum;
• Trading volume has moderately increased, suggesting that buying pressure is gradually strengthening;
• Short-term resistance levels are focused around $552; if this level is broken with volume, the target could rise to above $560.
📍Key Price Levels:
• Support is noted between $525 and $528, which is the boundary line for buyers and sellers from yesterday;
• Short-term resistance is located in the range of $551 to $552, which is crucial for whether the rebound can continue.
🎯Trading Suggestions:
• Holders are advised to continue holding and observe whether the price remains above $550;
• Short-term traders may wait for a valid breakout above $552 to add positions, targeting above $560;
• If the price tests below $530 again, be cautious of the risk of weakening bullish momentum and take timely risk control measures.
📣Summary: BCH has returned to a strong rhythm today, but resistance remains above. It is advisable to follow the trend and not chase highs blindly.
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