🚨Bitcoin Cash (BCH) has broken out, surging roughly 30% to around $350-$355 following CME's announcement of futures contracts . The key question now is whether it can establish this level as support. $4Stock
🚀 The Catalyst
The rally was sparked by CME Group's plan to launch Bitcoin Cash futures on October 19, offering standard (250 BCH) and micro (25 BCH) contracts . This gives institutional traders a regulated tool for hedging and exposure.
📊 Can BCH Hold $350?
Technically, BCH broke a months-long descending trendline and reclaimed the $300-$310 zone, turning it into support . Holding above $350 keeps the breakout structure intact**, with the next major resistance at **$430-$450 .
However, risks remain. The rally pushed RSI toward overbought territory (~70+), suggesting a short-term pullback or consolidation is possible . If BCH loses $350, the **$300-$310** area is the first major support to watch; a daily close below $300 would weaken the breakout .
🚀 The Catalyst
The rally was sparked by CME Group's plan to launch Bitcoin Cash futures on October 19, offering standard (250 BCH) and micro (25 BCH) contracts . This gives institutional traders a regulated tool for hedging and exposure.
📊 Can BCH Hold $350?
Technically, BCH broke a months-long descending trendline and reclaimed the $300-$310 zone, turning it into support . Holding above $350 keeps the breakout structure intact**, with the next major resistance at **$430-$450 .
However, risks remain. The rally pushed RSI toward overbought territory (~70+), suggesting a short-term pullback or consolidation is possible . If BCH loses $350, the **$300-$310** area is the first major support to watch; a daily close below $300 would weaken the breakout .
