Bitcoin Cash’s BCH volatility remains low despite the latest increase across the crypto space. It continues to gather momentum as trading stalled under $300 for months. However, it is still looking bullish on a monthly chart.
After bouncing off $220 last month, BCH faced resistance at $244 and pulled back slightly this month. It reattempted the resistance last week but saw a rejection again. The price dropped and consolidated briefly.
While struggling with volatility over the past weeks, it saw a little increase this week and pushed above this resistance to $254 yesterday. The price fell and retested the resistance as support earlier today.
A rebound from this support could fuel more increase in the next few days. A surge above the June 2023 high should signal a breakout for a long-term bullish. However, BCH may struggle to climb back if the price drops from the current trading level.
It is important to note that the trend remains bullish from a mid-term perspective. The only condition for a bearish action lies in a crack below the $180. If that comes into play, the bears will gain market control. Right now, the price is under the bulls’ radar.
BCH Key Levels To Watch
Looking ahead, the price is likely to test the $268.5 resistance level in the next surge. Above this level lies the important $300 resistance level. The $329 level is the main resistance to watch for a long-term breakout.
The $244 level has provided support over the last 24 hours. If the price drops, the closest level to watch for support is $221. A lower support to keep in mind lies at $202, held for almost five months.
Key Resistance Levels: $268.5, $300, $329
Key Support Levels: $244, $221, $202
- Spot Price: $246
- Trend: Bullish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/bitcoin-cash-price-analysis-prediction-february-12-bch-continues-to-squeeze-despite-latest-market-bounce-but-remains-bullish/