The Bitcoin Cash (BCH) price has failed to sustain its upward movement even though it cleared a crucial long-term resistance area.

The readings from short-term time frames are not sufficient in determining the direction of the trend. So, the direction of the next move will be crucial in determining what the trend is.

Bitcoin Cash Price Fails to Pump After Breakout

The BCH price had fallen under a descending resistance line since July 2021. The decrease led to a low of $87 in November 2022. 

The price bounced afterward and has increased since. At the beginning of 2023, it broke out from the resistance line after 609 days. Breakouts from such long-term structures often lead to pronounced upward movements.

However, this was not the case for BCH. The price barely pumped after the breakout, culminating with a high of $155 on Feb. 20.

Additionally, it has fallen since and is now trading close to its breakout level. 

Moreover, the weekly Relative

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Author: Valdrin Tahiri

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