The Bitcoin Cash (BCH) price has been on the rise since August 17, breaking out from a corrective pattern after 12 days.
On the weekly timeframe, the analysis shows that BCH managed to break free from a descending resistance line in January. However, it faced difficulties in sustaining upward momentum until June when it reached a new yearly high at $329. Since then, the price has fallen and confirmed the $300 level as a significant resistance level. If the downward trend continues, the closest support level is at $150, while returning to the $300 range would require a 40% increase.
The weekly Relative Strength Index (RSI) is bullish, indicating a potential upward movement. On the daily timeframe, both price action and Elliott Wave count suggest a bullish trend. The fifth and final wave of upward movement started after rebounding from the Fibonacci retracement support level at $180. If this wave count is accurate, BCH is expected to reach a high close to $425.
However, failure to sustain this upward momentum could result in a 30% decline to the $150 support area and invalidate the bullish wave count.
Hot Take: Bitcoin Cash (BCH) Poised for Bullish Movement
The Bitcoin Cash (BCH) price has shown signs of bullish momentum in recent weeks. While there may be some resistance at the $300 level, technical indicators suggest that BCH could continue its upward movement towards a new yearly high. Traders should keep an eye on key support levels and monitor price action closely to determine whether this bullish trend will continue. With positive market sentiment and potential catalysts on the horizon, now may be a good time to consider investing in BCH.
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