The Bitcoin Cash (BCH) Price Analysis: Will Price Break Out?
The Bitcoin Cash (BCH) price has fallen since its yearly high in June, nearing the $150 horizontal support area. However, there is hope that the price has bottomed and will soon break out. Here are the key points to consider:
- The weekly timeframe analysis shows that BCH broke out from a long-term descending resistance line in January after 623 days.
- After reaching a new yearly high of $329 in June, the price has fallen, validating the $300 area as resistance.
- If the downward movement continues, the closest support is at $150, 20% below the current price. A 60% increase will be needed to reach the $300 area again.
- The weekly Relative Strength Index (RSI) is undetermined, but still above 50, suggesting an uncertain trend.
- The daily timeframe analysis indicates that BCH is in a descending parallel channel since the yearly high, with a potential breakout leading to a 60% increase to the $300 resistance area.
Despite the bullish price prediction, failure to break out may result in a decrease to the $150 horizontal support area. Keep an eye on the channel’s support line in early September for potential movement.
Hot Take: While the price of BCH has fallen from its yearly high, there is potential for a breakout and subsequent increase. However, it is essential to monitor the support and resistance levels closely to determine the future direction of BCH.
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