The cryptocurrency market navigates chopped waters in the midst of escalating geopolitical tensions, with Bitcoin Cash (BCH), which shows resilience despite a wider market pressure.
BCH recently demonstrated strong technical performance and formed a V-shaped recovery after testing critical support for $ 391,656, where significant purchase volume establishes a high-volume support level.
This is coming as the global cryptocurrency market faces headwinds from the ongoing US-China trading services, which continue to introduce uncertainty across the financial markets around the world.
Meanwhile, traditional economic indicators such as rising US Treasury provide signaling systemic stress that historically creates mixed environments for risk assets such as cryptocurrencies.
Technical analysis highlights
- BCH tested critical support for $ 391,656, triggering a significant purchase volume, especially below 01: 00-04: 00 timeframe.
- A powerful outbreak occurred within 13:00 hours, with BCH waves for $ 416,958 at the highest hourly volume (28,068 units).
- Price established a new resistance-facing support level for $ 409,800, with momentum indicators suggesting the potential of continued upside.
- A bull flag pattern formed after the initial impulse movement with falling volume during consolidation that suggests potential continuation.
- The $ 413,000- $ 413,500 zone represents a key support level that Bulls need to defend to maintain upward momentum.
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