According to CoinDesk Research technical analysis data model, pushed through $550 on a strong breakout, then cooled to a tight band as traders gauged whether the new support would hold.
Technical analysis highlights
- Path and Result: BCH climbed from $540.24 to $554.52 for a session gain of 2.6%, establishing higher lows and confirming an uptrend structure.
- Time of breakout: The push began in Asian hours when the price broke $547 at 1 UTC; the breakout candle printed 130,078 units.
- Volume Context: During the move above $550, the trade ran 328% above average, signaling strong participation behind the breakout.
- Check after move: A pullback to $553.58 in the past hour tested the area just above the breakout zone.
- Weekly context (vs. BTC): The model notes weekly gains of 4.8% for BCH versus a 1.2% decline for bitcoin over the same time period.
What the patterns mean
- Breakout with Confirmation: Breaking $547 first and $550 next, with a lot of activity, tells you that buyers weren’t alone – there was depth behind the move.
- Fresh support test: A quick dip to $553.58 after the breakout is a normal “check” to see if new buyers are defending the level; $553.50 is the line that the model sees.
- Constructive Structure: The pattern’s higher lows of $528.55 and $534.36 and an ascending trendline from October 30 remain intact, even as a lower high of $558.25 is on the lookout.
Support and resistance chart
- Support (nearest): $553.50 (newly tested).
- Support (breakout retest): $547 (resistance turned support).
- Trend Reference: Rising line from October 30 lies above $534; previous higher lows of $534.36 and $528.55.
- Resistance (immediate): $558.25 (previous high).
- Short-term band: $553 to $556 defines the current consolidation box.
Volume image
- Peak bar: 130,078 units at 1 UTC on $547 break.
- Breakout participation: +328% vs. average over $550.
- After the push: The model notes elevated activity even on the small pullback, consistent with active price discovery.
Positioning signals
- Option Interest: The model highlights rising call interest at the $560 and $575 November strikes, consistent with traders charting upside checkpoints (this is positioning color, not a forecast).
Risk framing
- If support holds: The previous high of $558.25 is the immediate control (about 0.9% from the session settlement quoted in the model).
- If support fails: A loss of $553.50 could invite a $547 retest (the breakout level now considered support).
- Stop-zone reference: The model marks below $534.36 as a logical line of risk control within the uptrend structure.
CoinDesk 5 Index (CD5) context
- CD5 window: 30 Oct at 15:00 UTC to 31 October at 14:00 UTC — CD5 rose 1.43% to $1,920.74, with a push above $1,920 during 4-5am UTC and a daily range of 4.34%, indicating active price discovery across majors.
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial staff to ensure accuracy and compliance with our standards. For more information, see CoinDesk’s full AI policy.
