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BITCOIN CASH PRICE ANALYSIS CMP-281: Bull's Eye Set on the $400 Level

Key Takeaways
  • Bitcoin Cash is presently trading above the descending triangle pattern on the 4-hour chart
  • On the 4-hour chart, a Shooting Star candlestick pattern has formed, indicating a potential reversal in the market
  • The last two days candles, forming a long wick on both sides, indicate that neither bulls nor bears have been able to take the lead
07-Jul-2023 By: Lokesh Gupta
BITCOIN CASH PRICE A

Bitcoin Cash is consolidating its gains above the $260 mark.

On June 30, Bitcoin Cash reached yet another record high for the year, maintaining the remarkable rally that commenced on June 21. Following a significant decline to a new yearly low of $90 on June 10, BCH price has been consistently moving downward. However, after 11 days, the price successfully broke through a descending resistance line that had been established since February. This breakthrough confirmed the completion of the correction phase and indicated the potential for reaching new price highs.

On The Daily Chart:

After an impressive three-week rally, Bitcoin Cash (BCH) appears to have reached a temporary plateau following its climb from $110 to $330. The bullish momentum has been halted by a significant retracement, which occurred after the cryptocurrency experienced remarkable gains of over 200% during this time frame. Following a rejection at the $330 resistance level, buyers swiftly discovered support near $260, which coincided with the $248 support level. As a result, the price experienced a significant 23% bounce from this support level.

On The 4-Hour Chart:

On the 4-hour chart, Bitcoin Cash is trading above the Descending Triangle Pattern. Currently, BCH is finding support from the pattern and experiencing a rebound. By analyzing the last two charts, we can observe that BCH is forming a Bullish Flag pattern, indicating a potential upward movement, and it has even reached new highs. Over the past two days, the price of BCH has been fluctuating dramatically, resembling a roller coaster ride.

According to Price Analysis, the market capitalization of BCH is estimated to be $5,471,537,182. The 24-hour trading volume for the coin is around $908,077,037.

KEY LEVELS :

RESISTANCE LEVEL : $288-$294

SUPPORT LEVEL : $275-$268

Is Bitcoin Cash poised to surpass the $300 breakout? Will it replicate this previous move? Can we predict the price of BCH: Has it reached a local top? Is there a possibility of BCH reaching $400?

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

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