- Bitcoin Cash is showing breakout potential as it rebounds from a descending channel pattern.
- Price is up 4.79% in the last 24 hours, with trading volume jumping 29%, signaling growing momentum.
- Holding above the 50-day moving average could open the path to targets like $410, $500, $565, and $618.
- A successful retest of the breakout level may confirm a shift toward a bullish trend.
Bitcoin Cash (BCH) is on the verge of a breakout and aiming for higher price targets. The overall market is in a positive phase that is propelling altcoins to regain strength and recover from recent losses caused by huge sell-offs in the market recently.
Over the last 24 hours, BCH is up by almost 4.79%, showing positive momentum and potential for a breakout. Currently, BCH is trading at $337.94 with a 24 hours trading volume of $245.39M, which is also up by almost 29%, also supporting positive momentum.
BCH Breaks Channel, Targets $618 if MA 50 Holds
Crypto analyst Jonathan Carter provides a technical analysis of Bitcoin Cash (BCH). The chart shows BCH breaking out of a descending channel, a bearish pattern characterized by lower highs and lower lows, indicating a potential reversal from a downtrend. Carter notes that the price is retesting the upper boundary of this channel, a critical level for confirming a shift to bullish momentum.
A key focus is the 50-day moving average (MA 50), which Carter identifies as a pivotal threshold. The MA 50, a widely used indicator in trading, smooths out price fluctuations over 50 days to reveal the underlying trend.
For BCH, holding above this level could confirm a bullish trend, signaling sustained upward movement. According to Carter, a successful bounce from this retest could drive BCH toward specific price targets: $410, $500, $565, and $618. These levels likely correspond to historical resistance zones or Fibonacci extensions, common in technical analysis for projecting future price action.
The MA 50’s role as a trend indicator is also supported by historical analysis, often acting as the first line of support in uptrends. Carter’s analysis suggests that Bitcoin Cash’s price action, if it sustains above the MA 50, could attract more buyers, driving momentum. Overall, Carter’s post offers a clear, data-driven outlook for BCH’s potential bullish trajectory.
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