Bitcoin Cash, BCH recently bounced back from a dip with almost 10% gains in the last five days. While it continued to accumulate by the day, the price is brewing for a big move on the higher timeframe.
Since the price picked up from $166 last August, Bitcoin Cash has been finding it difficult to initiate a major rally above the $329 level, marked as its highest level in two years.
Compared to several top altcoins, it did not even see much gains during the late 2023 rally due to little volatility in the market. Many surge attempts were countered with multiple price rejections on highs and lows.
Technically, BCH is currently undergoing an accumulation phase on the daily. As seen in the chart below, the price did not drop much during the correctional phase. In fact, it has held the $210 level as solid support since last October.
While it is gathering liquidity for the next rally, we can expect a massive explosion above the mentioned two-year high in no time.
It bounced off a key support level this week and now slowly resumes bullish on the daily chart. An increase above the $300 mark level could activate the much-anticipated surge in volatility. That is likely to come into play when the overall bull run fully begins.
BCH Key Levels To Watch
Despite the price contractions, BCH is still up 80% in a year. The price is slowly rising towards the immediate $244 resistance. If the volatility increases, the price may test $268.5 before surging to $300.
The $221 level is currently providing support for the market. A drop below this support could trigger a dip to $202. Losing this support could expand the sell-off to $180.
Key Resistance Levels: $244, $268.5, $300
Key Support Levels: $221, $202, $180
- Spot Price: $240
- Trend: Bullish
- Volatility: Low
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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Image Source: max8xam/123RF // Image Effects by Colorcinch
