Resistance, enormous resistance

Jun 21, 2022. No. 270

We have spent more than 48 hours in which the BCH has had a hard time breaking the barrier of 124 USD. To tell the truth, it has only touched that value twice and the rest of the time it has bounced above 122 USD. All this despite the fact that BTC has risen and BCH always manages not to reach those values ​​with force and break upwards.

When the price of BCH manages to get a little higher, there is a strong sale that makes it go back a lot and then we have to row from the bottom again, which is obviously more difficult. These issues mean that the price is always lower with each passing hour. For these reasons, the price of BCH did not rise to more than 800 USD when the value of BTC reached its historical maximum with more than 60k USD, which is not little.

This characteristic has been maintained, very strong resistances that are visible just by looking at the chart quickly. There comes a point where you wonder if it will ever change for the better, and sometimes you lose hope completely. Will BCH be broken?

The low 24-hour trading volume makes it seem like the coin is frozen in time and just trying to hold a range and not scale. There is always someone who wants to sell and weaken the price. It is a curse and an unfortunate event that we are living through.

Despite everything, many users still believe that things will improve. Hard to think they will, with a coin that has lost over 90% since its ATH and continues to plummet every chance it gets. Today the entire crypto world is governed by what the BTC does, except in some cases where the currencies are not aligned. But the rest of the time, if the BTC goes up, the others follow them like little lambs and if it goes down the same way.

After a magnificent initial 24 hours where the BCH had a huge green % above the others, it collapsed and now it is the one that rises the least. These are not good days for BCH at all.

We will see at the beginning of the week now that the markets open. We still need to develop a little more the week and see what fate holds for us. BTC moving above $20k is critical to sustaining an uptrend.

To take an example of what I am telling you, a few days ago the BTC was at 19,700 USD and the BCH was listed with a value of 223. You can look at the price now and you will see that the BTC, despite being over 20,600 USD, the BCH It is barely at 118. With these constant selling problems, it becomes very difficult to break through the resistance ahead.

See you tomorrow…