Bitcoin Cash (BCH) expanded its recent demonstration on Sunday and rose 5.25% to $ 583.64 from 08:54 GMT, according to Coindesk data. The token has now achieved 10.5% over the past week, 15.7% over the past two weeks and 17.3% over the past 30 days.
Sunday’s breakout has caught the attention of several technical analysts who marked Bullish signs in both price action and trading structure.
The analyst “CW” noted that BCH “breaks through the Seller Wall” – an expression that dealers use to describe a heavy concentration of sales orders at a specific price level. When the price breaks through such a wall, it often signalizes that buyers absorb this supply and that the upward momentum could accelerate. CW pointed at $ 620 as the next potential target if this breakout applies.
Another analyst, “Ultimae GL,” focused on the long -term chart, observing that BCH had cleared a level of resistance that had been holding for a long period. Long -term resistance typically refers to a price ceiling that has rejected upward movements on several occasions. When this barrier is broken, it can signal the beginning of a new upward trend. Ultimae GL warned that dealers may want to wait for a “crucial breakout” – which usually means a strong daily close over the resistance – before they entered, but still expected BCH to climb as high as $ 680 in the near future.
A third analyst, “Xforceglobal”, described the current pricing structure as very bullish. They noticed that BCH has stayed over its so -called “bass trendline” for about a month. A base trendline is a diagonal line that connects the series with higher low low level in an appearance, and continued price movement over it suggests that buyers consistently step in at higher prices – another sign of building strength. The analyst described the rally as “not only good news” but “fantastic” considering the renewable purchase activity.
Bitcoin Cash, a fork of Bitcoin launched in 2017, is designed to act as a peer-to-peer digital currency with faster, cheaper transactions. Its recent upward course, combined with accelerating volume and bullish chart setups, has renewed interest from both retail and technical dealers.
Technical analysis highlights
- According to Coindesk Research’s technical analysis data model, BCH increased 5.62% in the 24-hour period from July 26 at 1 p.m. 09:00 UTC to July 27 at. 08:00 UTC, which gathered from $ 554.54 to $ 584.66 within a $ 33.61 intraday interval.
- Two large volume tips occurred at. 01:00 and 06:00 UTC on July 27, with volume peaking at 80,230 and 120,748 units respectively.
- Support zones have emerged at $ 556- $ 558 and $ 568- $ 570 after consolidation; Short -term resistance is established near $ 585.
- In the final trade time, BCH increased another 0.46%and reached an intraday height of $ 584.95. Fresh support formed for $ 583- $ 584, which is continuously suggesting bullish momentum.
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