Bitcoin Cash Eyes 8-Year Breakout: Could $700 Be Next?
Bitcoin Cash is at an important juncture in the longer-term price pattern, testing a downward sloping trendline that has capped rallies since the December 2017 all-time high. BCH has made four major rejection points along this trendline in the past eight years, each representing failure to overcome the downtrend.
This resistance continues to demonstrate a strong selling interest, thus capping upside moves and keeping Bitcoin Cash within the multi-year downtrend. From 2018 up to early 2023, Bitcoin Cash remained within the horizontal support range of $90–$120, creating a solid base.
The many rebounds from this level are indicative of strong past demand, as buyers were coming in to stop bigger drops. Entering late 2022, the chart shows that each low rises slowly and steadily, which means that the downward momentum is weakening.
According to market watchers, the price squeezing under the long-term resistance and higher lows indicates that buyers are taking more supply. If the price clearly breaks above that trendline, it could portend a big, overall reversal and let BCH again reach up to higher resistance levels.
The setup is similar to patterns seen before big pumps in 2017, hinting at faster price moves if a breakout holds. If the trendline isn’t broken, Bitcoin Cash could fall back toward the middle-range support, making this level important for the next market direction.
Bitcoin Cash Daily Price Action Supports Gradual Recovery
BCH has been at around $645–$650 on the daily chart, from trading in a range of $460–$480 through October and November. The price is establishing higher lows and higher highs, showing a consistent upward trend. This resistance near the market is consolidating, supply is being absorbed, and no side is in control. A pattern like this is most likely going to see either a breakout or a short-term pullback.
Momentum indicators reflect that bullish conditions remain well in place. The RSI (14) is at about 62, which is above neutral, signaling positive momentum with only mild signs of slowing. The MACD remains above its signal line, confirming the uptrend, and the histogram bars show steady, moderate growth. Volume-based momentum-that is, Bull and Bear Power-indicates buyers remain in control, despite small dips.
Also Read: Bitcoin Cash (BCH) Breaks $649 Resistance as Volume Jumps 231% to $647M
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