Bitcoin Cash (BCH) Breaks Out with 10%+ Rally
While Bitcoin and other altcoins were soaring after the approval of spot Bitcoin ETFs, Bitcoin Cash (BCH) seemed to be left behind. However, that has changed now.
On a day when the broader market cooled off, BCH experienced a meteoric breakout of over 10%, pushing its price to $260. This breakout suggests that BCH may be preparing for a larger rally, potentially reaching highs beyond $335.
Can Bulls Nurture Triangle Breakout for Bitcoin Cash?
After the pullback from July highs, BCH found support above $180, giving hope to bulls that a trend reversal was possible. Attempts to sustain an uptrend failed at $220, leading to consolidation.
In October, as interest in spot Bitcoin ETFs grew, sentiment changed across the crypto space. BCH climbed to new levels but faced resistance at $260. Now, with the price trading above triangle resistance and increasing trading volume, the path of least resistance is likely upwards.
Additionally, the Moving Average Convergence Divergence (MACD) has given a buy signal, indicating a bullish weekend. Traders may consider entering more long positions as long as the MACD line holds above the signal line and momentum indicators continue to slope upwards.
Key support areas to watch are $280 and $300. A daily candle close above $280 would confirm the uptrend, while a successful break above $300 could signal a climb to $335. However, failing to break above $300 may result in a revisit of the range low at $260.
Hot Take: Bitcoin Cash’s Breakout Indicates Bullish Momentum
The recent breakout of Bitcoin Cash suggests that the altcoin is gaining bullish momentum. With a significant rally and increasing trading volume, BCH could potentially reach highs beyond $335. The buy signal from the MACD further supports this bullish outlook.
However, it is important to monitor key support levels, such as $280 and $300, to gauge the strength of the uptrend. A successful break above these levels would confirm the bullish trajectory, while failure to do so may lead to a revisit of lower price levels.
Overall, Bitcoin Cash’s breakout is an encouraging sign for BCH holders and indicates potential further gains in the near future.
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