The Bitcoin Cash (BCH) price is attempting to break above $300 after more than 190 days.
The price of BCH is currently trading within a short-term corrective pattern and facing a long-term horizontal resistance area.
Bitcoin Cash Trades at Range High
On the weekly time frame, the BCH price has been increasing since breaking out from a long-term descending resistance line that had persisted for over 600 days.
In June, BCH created a higher low and reached a high of $329. After a brief decrease, it bounced at a horizontal support area and is now aiming to move above its previous highs.
BCH Price Prediction: When Will BCH Reclaim $300?
Similar to the weekly time frame, the daily chart does not determine the trend’s direction due to price action. BCH has been trading inside an ascending parallel channel since August 2023.
Although corrective movements are expected within these channels, BCH has shown resilience by moving into the upper portion of the channel and attempting to break out from its resistance trend line.
A breakout could lead to a 35% increase to the next long-term resistance at $390, while a rejection may cause a 20% drop to the channel’s support trend line at $230.
Hot Take: Bitcoin Cash (BCH) Price Eyes $300 Breakout After 190 Days
The Bitcoin Cash (BCH) price is currently attempting to break above the $300 level for the first time in over 190 days. The price is trading within a short-term corrective pattern and facing resistance at a long-term horizontal level. On the weekly chart, BCH has seen an increase since breaking out from a long-term descending resistance line that had persisted for over 600 days. It reached a high of $329 in June and has shown resilience by bouncing at a horizontal support area. The daily chart shows BCH trading within an ascending parallel channel, with a breakout potentially leading to a 35% increase to $390. However, a rejection could result in a 20% drop to $230.
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