According to CoinDesk Research’s technical analysis data model, posted solid gains during Wednesday’s session, rising 1.9% from $508.32 to $518.01 amid heightened volatility across crypto markets. The move established clear bullish momentum within a $32.78 trading range, representing 6.4% intraday volatility, as BCH outperformed while most altcoins stumbled into key resistance zones.
The decisive break came at 13:00 UTC Wednesday as BCH pierced resistance at $530.00 on unusual volume of 39.3K units – 158% above the 24-hour moving average. After touching $532.16, the token consolidated in a descending channel with decreasing volume while maintaining higher lows and cementing support at $515.00.
Recent 60-minute action revealed a two-phase rise that started at 02:35 UTC Thursday, with BCH jumping from $516.34 to $521.66 on volume of 3,276 units before pulling back towards $518.07. This pattern tested resistance near $521.50 before establishing new support around $518.00, reinforcing the broader bullish structure.
Technical momentum versus profit taking
With no fundamental catalysts driving BCH specifically, technical levels dominated as the cryptocurrency navigated a broader market. While BTC faced rejection near $107,000 and most altcoins sold off resistance, BCH’s hold above $515.00 hinted at support, accumulation of major players.
The post-breakout consolidation indicated healthy price discovery, with declining volume during pullbacks showing limited selling interest. Traders are now watching to see if BCH maintains its technical edge as crypto markets work through overhead supply.
Key technical levels signal continuation pattern for BCH
Support/Resistance:
- Primary support locked at $515.00 after successful breakout sequence
- Secondary support zone between $499-503, tested twice on selling waves
- Key resistance at $521.50 based on recent 60-minute rejection patterns
- Upper target remains $530-532 area from previous session highs
Volume analysis:
- Volume increase to 39.3K units (158% above SMA) confirmed breakout validity
- Declining volume during consolidation shows limited distribution pressure
- 60-minute volume of 3,276 units supported higher momentum tests
- Accumulation patterns are evident above the $515 support zone
Chart Patterns:
- Bullish trend intact with higher lows held through consolidation
- Descending channel after breakout suggests controlled profit taking
- Two-phase movement shows continued institutional interest
- Support testing strengthens the uptrend’s structural integrity
Objectives and risk management:
- Immediate target: $521.50 resistance retest with volume confirmation
- Extended target: Return to $530-532 breakout highs on follow-up
- Risk Threshold: Break below $515.00 support signals trend failure
- Stop Placement: Conservatives close below $499 swing trade support
Disclaimer: Parts of this article were generated with the help of AI tools and reviewed by our editorial staff to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI policy.
