Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

• BCH failed to reclaim the $300 psychological level.
• The Open Interest rates eased below $500 million.

Bitcoin Cash’s [BCH] wild rally seen at the end of June was dissipating slowly. The altcoin has struggled to secure a daily candlestick session close above $300 since 2 July to no avail. At the time of writing, bulls thronged the $261 support to prevent the pullback from morphing into a downtrend. 

Is your portfolio green? Check out the BCH Profit Calculator 

Similarly, Bitcoin [BTC] bulls seem fixated on not letting the King coin slide below $30k. BTC has been oscillating between $30k – $31.5k for about three weeks (since 22 June). Whether Bitcoin Cash will follow BTC’s cue and chalk a range-bound extension was unclear. 

Will the $261 support remain steady?

The $261 support was significant because it was also a safe landing for bulls in Q1 2022. So, bulls could be adamant about letting go, lest they expose recent gains to likely losses. The technical indicators also signaled that bulls still had the upper hand. 

For example, the Relative Strength Index eased slightly but was still within the overbought territory. Similarly, the On Balance Volume was still edging higher, albeit sluggishly, reinforcing buying pressure, and demand remained.  

So, BCH bulls could attempt to reclaim or clear the recent high of $329, but they’ll have to close above $300 to realize their

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Author: Benjamin Njiri

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