Bitcoin cash BCH is always considered as a sleeping gem it always keep pumps quietly and now it is still doing the same it has been Break above the $550 already. And now All the Eyes are now on $580 key Psychological resistance price level.
BCH on Monthly Timeframe.
Bitcoin cash BCH is consolidating below the resistance price level of 670$, it has been trying to break above the this resistance price level since April 2024, BCH has got Rejected from this resistance thrice and now its going to make a 4th attempt. Mostly whenever an asset make a retest of any support or resistance its always ends breaking such level.
I'm Expecting a breakout above this resistance, BCH will form news highs if it will breakout this resistance. As BCH is forming a strong Hammer candles stick on monthly timeframe.
BCH on Weekly Timeframe.
BCH is making a drastic surge on weekly timeframe rebounding from the strong support price of $450. At time of writing this BCH is trading near $565 a weekly above 580$ will open the door for BCH to extend the towards 670$.
BCH on 1 Day Timeframe.
BCH has break out the daily resistance price level of $550 at time of writing this BCH is trading near $565 a day close above $580 will open the door BCH to extend the pump towards $680.
The Relative Strength Index RSI is at 53 higher than the level of neutral indicating that the momentum is being shift from bearish to bullish. While MACD Moving Average Convergence Divergence has made a bullish Crossover on Thursday.
However a rejection from $580 resistance will result in the fall of Price again towards $550.
BCH Trade Setup.
Buy: $555-$565
Target 1: $580.
Target 2: $600
Target 3: $620
Target 4: $650
Stoploss: $540
This is my personal opinion and Insights not a financial advice do your own research.
