Bitcoin Cash Technical Analysis
Key Insights
- Bitcoin Cash (BCH) experienced a remarkable surge in June 2023, increasing by over 267% from $90.6 to $330.1, following a prolonged accumulation period.
- BCH is currently in an upward trend, supported by twice-reaching trendlines and sustained volume profile movement, indicating market participants' confidence in its continued growth.
- Long-term outlook suggests BCH's price will likely continue to rise, with a potential correction expected before targeting the previous All-Time High of $1640.
As of writing, BCH ranks 13th on CoinMarketCap with a market capitalization of $13.36 billion.
BCH Technical Analysis
After a prolonged accumulation period, we observe a significant impulsive growth of the asset in June 2023. The price of the asset surged from $90.6 to $330.1, marking an increase of over 267%.
Subsequently, the asset's chart formed an accumulation phase followed by further growth.
BCH is moving in an upward trend and has already twice reached the trendline, which acts as support.
From the volume profile perspective, market participants continue to move upward along the trend, confirming the sustainability of the current upward movement.
Below is the BCH to BTC chart.
Currently, we observe that the asset is growing faster than BTC and approaching a strong resistance level at 0.010969BTC. From this level, we can expect a correction after the impulsive approach.
BCH Price Prediction
When considering the long-term perspective, we can expect the asset's price to continue rising, albeit after undergoing a correction.
It's possible that the decline could reach the Point of Control level at the price point of $435.6, which would serve as support and a potential point for the continuation of the upward movement.
Our skilled SimpleSwap analyst offers a trading scenario with BCH on TradingView.
The next target would be the previous All-Time High (ATH) at $1640. Users can get BCH on SimpleSwap.
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