CoinDaily Today’s Analysis – BCH

The lowest point of BCH in the second half of this year appeared on August 16. Since then, it has been slowly climbing along the ascending channel. However, the recent decline has actually fallen below the channel. If it cannot return to the channel immediately in the short term, the next The market will most likely continue to drop in search of support.

Switching to the weekly level, BCH experienced a driving wave in June, and then began to stall until now. Judging from the overall trend, BCH's rising market should not be over yet, especially considering that the halving is coming in less than five months, and there is still a halving market that can be hyped. If there is a chance that BCH will return below $180 in the near future, you can consider stepping into some spot positions to take advantage of the halving hype opportunity. However, it should also be noted that since the consolidation began in July, the maximum retracement of BCH has been close to 70% of the increase, indicating that the entire bull market is not stable, so even if there is a rising market in the future, it may not last long. It would be too long.

The green line area is the lifeline of BCH. If it falls below this, the entire rising market this year will be completely over. The red line area is the intensive distribution area of ​​chips since the last bull market, and it is also the maximum pressure level. Only if it breaks through the red line area, BCH will have a chance. A real bull market may be in store. The current price may still fluctuate up and down between the red line and the green line area, and it is expected that after the wash is over, it is more likely to rise than to fall.