BITCOIN CASH ANALYSIS CMP-234: Price Hints Correction, Faces Challenge

BCH price faces rejection at the top of the ascending channel pattern

Bitcoin Cash daily chart depicts a breakout, which was subsequently followed by a retest of the zone where the breakout occurred. During this period, the price gathered buying momentum in proximity to the 50-day EMA. Eventually, it made a strong move upwards, breaking through the previous high, resulting in a favorable price action pattern.

On The Daily Chart:

Bitcoin Cash (BCH) has climbed above $230 against the US Dollar, mirroring Bitcoin's performance. If it clears the $245 level, BCH/USD could see further gains. BCH formed a strong support base above $200, and it recently broke key resistance levels at $220, $225, and $232. It even spiked above $240 and traded as high as $245.32. Currently, it's trading above $225 and the 100-hourly Simple Moving Average, indicating a positive price trend and potential for more gains.

On The 4-Hour Chart:

On the 4-hour chart, Bitcoin Cash has been trading in a rising channel pattern for the past month. Today, it attempted to break above the upper channel but faced selling pressure, erasing its intraday gains. BCH is currently trading above the 9-day and 21-day moving averages within this channel. If it manages to breach the upper boundary of the channel and close above it, there's potential for BCH/USD to continue its upward trend, targeting resistance levels at $255 and $280. However, failure to surpass $245 could lead to a retest of the lower channel.

According to Coingabbar Price Analysis, the market capitalization of BCH is estimated to be $4,580,498,156. The 24-hour trading volume for the coin is around $280,519,704.

KEY LEVELS :

RESISTANCE LEVEL : $240-$245

SUPPORT LEVEL : $228-$223

Is it a good time to go long on Bitcoin Cash (BCH) as it surpasses the $230 barrier? Can BCH maintain its price gains, even in the face of Bitcoin (BTC) and Ethereum (ETH) showing weakness? Are there indications that the BCH rally could extend to reach the $300 mark? 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.