BITCOIN CASH ANALYSIS CMP-209: Is Bitcoin Cash Bull Run Coming Soon?

BCH is presently trading above the descending trendline

Bitcoin Cash has seen a notable surge in price since August 17th, breaking free from a corrective pattern that had lasted for 12 days. While the weekly analysis remains uncertain, a closer look at the daily chart indicates a strong likelihood of continued upward momentum, with the potential to reach a fresh annual peak.

On The Daily Chart:

Bitcoin Cash (BCH) has experienced a decline in its price, similar to Bitcoin, falling from the $225 range against the US Dollar. To initiate a potential upward movement, BCH/USD needs to maintain a level above $198. Initially, BCH managed to gain momentum and surpassed resistance levels at $215 and $220, briefly reaching $222, but encountered selling pressure, resulting in a peak near $225.80. Subsequently, a corrective downturn ensued, breaking key support levels at $220, $215, and a significant bullish trend line at $212 on the 4-hour BCH/USD chart. The bears further drove the price below the $210 support, and it is currently trading under both the $210 zone and the 50-hourly simple moving average.

On The 4-Hour Chart:

On the 4-hour chart, BCH has been navigating within a rising channel pattern over the past month. Despite encountering challenges in maintaining its upward trajectory, it wasn't until June that BCH experienced a substantial surge, reaching a fresh yearly peak of $329. Regrettably, the price has since retraced, confirming the $300 mark as a pivotal resistance level. Nevertheless, Bitcoin Cash (BCH) has now broken free from a corrective pattern, signaling the emergence of a bullish momentum.

According to Coingabbar Price Analysis, the market capitalization of BCH is estimated to be $4,081,975,640. The 24-hour trading volume for the coin is around $128,476,468.

KEY LEVELS :

RESISTANCE LEVEL : $211-$215

SUPPORT LEVEL : $204-$200

Is Bitcoin Cash currently trading at a lower valuation in comparison to the broader cryptocurrency market, and is there potential for Bitcoin Cash to undergo a substantial surge akin to a rocket's ascent? Does the recent breakout of Bitcoin Cash (BCH) from a corrective pattern suggest the possibility of bullish momentum? Are there expectations for Bitcoin Cash to finally experience a breakout in 2023? Please share your opinions in the comments section below.

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.