- BCH surged by 26% in 4 days and showed a directional move.
- Bitcoin Cash price advanced the key moving averages which showcases the bullish trend.
According to the technical chart, BCH was struggling in a parallel channel since May. The digital asset price attempted multiple times to overcome the $520 mark but sellers were strong enough to maintain the boundary. However, buyers managed to trigger a breakout but failed to hold for longer.
Besides this, the Bitcoin Cash price managed to defend the major support level of $350. Sellers tried 4 times to drag the price down but couldn’t. It seems that the liquidity below the $350 hurdle has been captured.
At press time, the Bitcoin Cash was being traded at $454.00 which surged by 8.96% in the past 24 hours. The market capitalization was $8.92 Billion and the 24-hour trading volume was $508.16 Million at the time of writing.
Trading volume surged by 47% intraday and Bitcoin Cash ranks 14th in the cryptocurrency market in terms of market cap. The circulating supply is 19,739,606 BCH and the total supply is 21,000,000 BCH.
Will BCH Price Smash $800 Hurdle After Breakout?
A source on X claimed that BCH is near a crucial breakout level. The price has declined through a descending channel. It seems that BCH is recovering from recent losses.
$Bch
— World Of Charts (@WorldOfCharts1) July 28, 2024
Seems Like Preparing For Recovery In Coming Weeks Currently Testing Multiple Resistances Bch Need Clear To Clear These Hurdles Before Making New Yearly High
Incase Of Successful Breakout Expecting Move Towards 800$#Crypto #Bch pic.twitter.com/vrIFqSddKe
Before the breakout, it needs to clear the multiple resistance levels to make a new yearly high. A successful breakout might lift BCH to the $800 hurdle.
Bitcoin Cash Price Technical Analysis Over 1-D Timeframe
BCH technical chart produced an ‘Inverted head and shoulder’ pattern and has recovered from the demand zone. The price took support on a major support level and rose by 26% in 4 days.
Based on historical behavior, the BCH price may easily extend to the major resistance level of $520. Suppose the buyers remain strong or interested, the Bitcoin Cash price may approach the $700 hurdle in the next few months.
In contrast, assuming the crypto price fails to exceed the $520 hurdle, short term profit booking could be seen. The profit booking may drag the price to the major support level.
BCH was trading over the key moving averages at press time. RSI is 68 and has developed a golden crossover with the RSI-based moving average. Overall, the technical indicators are in favor of a bullish forecast.
BCH Price Forecast
The BCH price has shown bullish signs with a significant surge and has managed to maintain key support levels. There is a possibility of a breakout towards the $800 hurdle if it successfully clears multiple resistance levels. The technical indicators are currently favoring a bullish forecast, with the RSI reflecting positive momentum. If the price fails to surpass the $520 level, we might see some profit booking and a temporary pullback towards major support levels.
The bullish trend in BCH is expected to be disturbed near the $520 and $700 hurdles. The bearish momentum might halt near the $350 and $280 mark.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
