Bitcoin Cash’s BCH volatility remains low despite the latest increase across the crypto space. It continues to gather momentum as trading stalled under $300 for months. However, it is still looking bullish on a monthly chart.
After bouncing off $220 last month, BCH faced resistance at $244 and pulled back slightly this month. It reattempted the resistance last week but saw a rejection again. The price dropped and consolidated briefly.
While struggling with volatility over the past weeks, it saw a little increase this week and pushed above this resistance to $254 yesterday. The price fell and retested the resistance as support earlier today.
A rebound from this support could fuel more increase in the next few days. A surge above the June 2023 high should signal a breakout for a long-term bullish. However, BCH may struggle to climb back if the price drops from the current trading level.
It is important to note that the trend remains bullish from a mid-term perspective. The only condition for a bearish action lies in a crack below the $180. If that comes into play, the bears will gain market control. Right now, the price is under the bulls’ radar.
BCH Key Levels To Watch
Source: Tradingview
Looking ahead, the price is likely to test the $268.5 resistance level in the next surge. Above this level lies the important $300 resistance level. The $329 level is the main resistance to watch for a long-term breakout.
The $244 level has provided support over the last 24 hours. If the price drops, the closest level to watch for support is $221. A lower support to keep in mind lies at $202, held for almost five months.
Key Resistance Levels: $268.5, $300, $329
Key Support Levels: $244, $221, $202
- Spot Price: $246
- Trend: Bullish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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