The aftermath of spot Bitcoin ETF has sparked a lot of positivity in the market as many altcoins resumed bullish this week. BCH just flipped through its recent high, charging strong for a bigger price movement.
After exploding massively to $329 in June 2023, BCH lost momentum and later found support above the $165 level after two months. Since then, it has been struggling in the recovery phase, and at the same time faced a lot of rejections on the way up.
However, the price just broke out slightly following a consistent increase since the start of the week. It is now looking set for a big rally.
From a technical perspective, it is forming a bullish pattern while looking poise for a major breakup on the current daily chart. With this setup, the crypto will likely experience another massive price explosion in the next few days.
If the setup comes into play, BCH is likely to rally to $400 or even beyond before attempting to pull back. Currently, the weekly buying volume is slowly on the rise.
While this week marks the highest volatile session since the price started to recover in August 2023, we can expect a bigger price movement as long as BCH continues to break higher.
BCH’s Key Levels To Watch
Source: Tradingview
The immediate resistance for BCH right now is located at $303. If this resistance flips, it may face hurdles at the $329 resistance level before advancing higher to $353 and $370.
However, if the bears show up to initiate drops, the closest support level for pullback is $268.5. Below this support lies the $244 level. If this level fails to contain selling pressure, the price may roll back to the weekly low of $22.
Key Resistance Levels: $303, $329, $353
Key Support Levels: $268.5, $244, $221
- Spot Price: $290
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: olyasolodenko/123RF // Image Effects by Colorcinch
