Bitcoin Cash has seen a notable surge in price since August 17th, breaking free from a corrective pattern that had lasted for 12 days. While the weekly analysis remains uncertain, a closer look at the daily chart indicates a strong likelihood of continued upward momentum, with the potential to reach a fresh annual peak.
On The Daily Chart:
Bitcoin Cash (BCH) has experienced a decline in its price, similar to Bitcoin, falling from the $225 range against the US Dollar. To initiate a potential upward movement, BCH/USD needs to maintain a level above $198. Initially, BCH managed to gain momentum and surpassed resistance levels at $215 and $220, briefly reaching $222, but encountered selling pressure, resulting in a peak near $225.80. Subsequently, a corrective downturn ensued, breaking key support levels at $220, $215, and a significant bullish trend line at $212 on the 4-hour BCH/USD chart. The bears further drove the price below the $210 support, and it is currently trading under both the $210 zone and the 50-hourly simple moving average.
On The 4-Hour Chart:
On the 4-hour chart, BCH has been navigating within a rising channel pattern over the past month. Despite encountering challenges in maintaining its upward trajectory, it wasn't until June that BCH experienced a substantial surge, reaching a fresh yearly peak of $329. Regrettably, the price has since retraced, confirming the $300 mark as a pivotal resistance level. Nevertheless, Bitcoin Cash (BCH) has now broken free from a corrective pattern, signaling the emergence of a bullish momentum.
According to Coingabbar Price Analysis, the market capitalization of BCH is estimated to be $4,081,975,640. The 24-hour trading volume for the coin is around $128,476,468.
KEY LEVELS :
RESISTANCE LEVEL : $211-$215
SUPPORT LEVEL : $204-$200
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
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