Bitcoin Cash (BCH) extended its recent rally on Sunday, according to COindesk data, increased by 5.25% to 08:54 gmt as $ 583.64. The token has now increased by 10.5% in the last week, 15.7% in the last two weeks and 17.3% in the last 30 days.
Sunday’s breakout has attracted the attention of many technical analysts, who have rapidly indicated both price action and trading structure.
Analyst “CW” noted This BCH “is breaking through the selling wall” – a word traders use to describe the heavy concentration of orders at a specific price level. When the price breaks through such a wall, it often indicates that buyers are absorbed to that supply and speeds upwards may accelerate. CW pointed to $ 620 as the next possible target if it holds a breakout.
Another analyst, “Altime GL,” Focused On the long -term chart, given that BCH had approved a resistance level which was held for an extended period. Long -term resistance usually refers to a price roof that has rejected the upward moving on several occasions. When that obstacle breaks, it may indicate the onset of a new upward trend. Ultime GL warned that traders want to wait for a “decisive breakout” – which means a strong daily closer above resistance – before entering, but yet it was estimated that BCH could climb as high as $ 680 in the near future.
A third analyst, “Xforceglobal,” It has been told Current price structure as excessive speed. He said that BCH has been above its so -called “base trendline” for about a month. A base trendline is a diagonal line that combines a series of high climbing in an uptrend, and the continuous price movement above suggests that buyers are stepping on high prices – another sign of construction power. The analyst described the rally as “not only good news”, but also “luxurious”, looking at the continuous purchase activity.
Bitcoin cache, a fork of bitcoin which was launched in 2017, is designed to serve as a co -worker digital currency with rapid, cheap transactions. Complaining with the trajectory, volume and bullish chart setup on the top of its condition, has renewed interest from both retail and technical traders.
Technical analysis highlights
- According to the technical analysis data model of Coindesk Research, BCH gained 5.62% in the 24-hour period of 26 July, 09:00 from UTC to 08:00 on 08:00 UTC, rally from $ 33.61 Intradaya range rally from $ 554.54 to $ 584.66 within the Intradaya range.
- On July 27, two major volume spikes at 01:00 and 06:00 UTC were with a volume of 80,230 and 120,748 units respectively.
- The support area emerged after $ 556-$ 558 and $ 568-$ 570 after consolidation; The short -term resistance is installed near $ 585.
- In the final trading hour, BCH increased additional 0.46%, which reached the Intrade high of $ 584.95. The latest support occurred at $ 583- $ 584, which suggests the ongoing speed speed.
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