Following the latest bounce back across the crypto space, Bitcoin Cash BCH increased by over 50% in the past week and broke out of a key level yesterday. The trend looks bullish and ready for a stronger rally.
In February, Bitcoin Cash broke out of a long accumulation phase and rallied to a new high. It lost momentum earlier this month and dropped heavily to a low of $354. The price bounced back after holding that low as support.
So far, the crypto has recovered significantly from the recent market correction phase and has extended bullishly above the $530 level that held as key resistance during the last leg up.
This latest recovery has brought the bulls back in the market as the price surges towards a key resistance level. Looking at the current price actions, it has initiated another bullish phase and is now set for a stronger rally.
The bears are in disbelief as they continue to suffer in the latest rally. BCH is currently targeting the November 2021 breakdown level and if the buying volume increases well, it may reclaim the same month high by the end of this week.
Should the price pullback, the monthly breakout level will likely act as close support for a rebound. But as of now, there are no signs of rejection. We should expect more increases in the coming hours.
BCH’s Key Levels To Watch
While targeting the important $600 level, the next major resistance to watch on the way up is $656. A flip through $700 should pave the way for more buying to $732.
A drop below the $530 level – the closest pullback level – could drag the price to the $475 support on the daily chart. Lower support levels stand at $412 and $354.
Key Resistance Levels: $600, $656, $732
Key Support Levels: $530, $475, $412
- Spot Price: $569
- 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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