BCH Technical Analysis Jan 24

Today’s short-term outlook and key levels to watch: BCH is stabilizing around $598 while holding above EMA20, MACD giving upward momentum signal with positive histogram.

Short-Term Market Outlook

BCH is trading in the $586.50 – $600 range intraday with current price at $598 level. 24-hour change +0.28% slightly up, volume at $120.59M moderate. Short-term trend upward, price holding above EMA20 ($593.82$), which is positive for intraday bulls. RSI at 56.11 in neutral zone, no overbought signal. MACD histogram positive and evolving upward, momentum in favor. However, Supertrend giving bearish signal and $621.70 resistance line active. In the next 24-48 hours, $600 psychological barrier may be tested but BTC wrong move creates risk. In MTF context, 16 strong levels across 1D/3D/1W timeframes: 3 supports/5 resistances on 1D, overall resistance weighted. Short-term targets up $646.74$, down $562.80$. News flow calm, volatility may remain low.

Intraday Critical Levels

Nearby Support Zones

Current supports: $585.41 (score 81/100) – Most critical, upward scenario valid until broken, quick invalidation point. Second $594.76 (74/100) – Near EMA20, rebound expected if holds. Deep support $562.80 (64/100), but drop to here low probability in 24 hours. These levels ideal for scalping, stop-losses placed 1-2% below supports.

Nearby Resistance Zones

Current resistances: $603.49 (86/100) – Strongest, momentum increases on breakout here. Next $616.20 (73/100) – Transition point near Supertrend $621.70. Long-term $646.74 (63/100). Watch for volume increase at these levels, high risk of quick return to supports on rejection.

Momentum and Speed Analysis

Short-term momentum bullish with MACD, histogram widening and above signal line. RSI balanced at 56, accelerates above 60. Supertrend bearish but closes above price strengthen momentum. Intraday speed analysis: $598-$600 zone consolidation, $603 volume breakout required for upward explosion. Downward speed triggered by close below $585. Volatility low, sudden spikes may come from BTC. For intraday traders, watch 1-4 hour candle closes, pay attention to RSI divergences. Risk: Prolonged sideways leads to squeeze, breakout brings volatility.

Short-Term Scenarios

Upward Scenario

Accelerates on close above $603.49, target $616.20 – $621.70 Supertrend test. Trigger: Volume breakout and MACD speed. $646 possible in 24-48 hours if BTC stable. Invalidation: Drop below $594.76. Scalp 603-616 zone, swing long bias above 616. Target 1:2+ risk/reward.

Downward Scenario

Accelerates on break below $585.41, target $562.80. Trigger: EMA20 break and MACD negative crossover. BTC support loss accelerates. Invalidation: Rejection above $603. Short scalp 598-585 zone, careful stop above 603. Short-term bearish probability low (%30), weak without uptrend break.

Bitcoin Correlation

BCH highly correlated with BTC (~0.85), BCH upward outlier while BTC at $89,622 sideways. BTC supports $89,542 – $88,830 – $87,635 critical; if holds, BCH $603 breakout chance increases. BTC resistances above $90,622 – $91,198 bring relief to alts. BTC Dominance Supertrend bearish, BTC stable required for altcoin rally. BTC loss below $89,542 pushes BCH to $585, watch: BTC above 90k triggers BCH 616+.

Daily Summary and Watch Points

– Main watch: $603.49 breakout / $585.41 hold.
– Momentum: MACD histogram, RSI 60+.
– Risk: BTC below $89,542, low volume move.
– Strategy: Tight stops, 1% risk/position, 24-48 hour focus.
– More: BCH Spot Analysis and BCH Futures Analysis for details. Short-term trading high risk, don’t forget capital management, losses should not exceed 1-2% of capital.