Mirroring Bitcoin’s movement, BCH is now gaining traction again after witnessing a short pullback earlier this week. The price currently appears strong daily as it sets to break out of a key resistance level.
After bouncing nicely from a four-month low earlier this month, BCH faced tough resistance at the $400-mark level last week and failed to advance recovery due to a drop in the buying volume.
While this resistance has become crucial for the bulls’ next move, the price dropped this week and started to lose ground again. But things quickly turned out positive as the bulls intercepted losses at $345 in the mid-week.
This interception brought notable gains and the price surged to $398 today. As the crypto sets to break out of the crucial resistance that suppressed buying during this month’s recovery, we can expect bigger gains in the coming days.
Currently, the bears are in disbelief at the latest price movement as they suffer losses. Failure to retake the monthly low could lead to a total loss of control.
BCH’s short-term bearish bias is fading off and it may completely come to an end with the latest bullish sentiment surrounding the entire crypto industry since yesterday. Technically, the market has started to pick up.
BCH’s Key Levels To Watch
A successful flip through the crucial $400 resistance level could activate a sudden surge to the $448 level before pulling back. The higher resistance level to consider for an increase would be $470.
The weekly pullback level of $344 currently stands as support. If the price falls below it, the next support for a test would be the monthly $288.4 low. $250 may surface as a new multi-month low if the price plummets.
Key Resistance Levels: $400, $448, $490
Key Support Levels: $344, $288.4, $250
- Spot Price: $387
- 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.
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