Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
- Bitcoin Cash has strong bullish conviction in the near term
- The rally from the 61.8% retracement level meant BCH prices could rocket higher once again
Bitcoin Cash [BCH] has healthy bullish prospects across multiple timeframes. Both the four-hour chart and the one-day chart had a bullish structure at the time of writing. Added to this was the success the buyers had recently when they succeeded in breaching a month-long resistance.
Read Bitcoin Cash’s [BCH] Price Prediction 2023-24
This resistance zone stretched from $220.3 to $228 and had been a bearish order block on the four-hour chart. A recent report by AMBCrypto noted that the $220 resistance zone was vital for the bulls to conquer. Now that they have, what can traders watch out for next?
The former resistance was now flipped to a support zone for BCH bulls to defend
The H4 bearish order block, once broken, became a bullish breaker block. It was retested on 27 September as support, and at the time of writing BCH was trading at $233.7. The move past the $228.4 level flipped the market structure bullishly on the daily chart.
On the four-hour chart, it had been bullish when BCH clambered above the $210.2 level a couple of days ago. The Relative Strength Index (RSI) was at 75 and indicated intense northward momentum. The On-Balance Volume (OBV) has been in an uptrend since 12 September.
The defense of the $190.4 region was crucial for bulls in the long term, as it represented a Fibonacci retracement level. These Fib levels were plotted based on BCH’s late June rally from $104 to $329. There
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Author: Akashnath S
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