Eyes $541 and New 52W High
Bitcoin Cash’s lockdown curse is making waves as Bitcoin prices hit an all-time high of $97,900. BCH price surged by 18.29% in the past 24 hours, crossing the $500 mark.
Will this breakout rally lead to a new 52-week high above $719? Let’s take a look at the latest BCH price analysis from Coinpedia.
Bitcoin Cash Price Performance
On the daily chart, the BCH price trend shows that the downward breakout rebound has finally gained momentum. After consolidating in October and early November, BCH price has broken through the 23.60% Fibonacci level to reach $387.
The uptrend that started at $321 is now trading at $519, with a V-shaped recovery. The increase this time reached 61.30%. Furthermore, it has broken above the 50% Fibonacci level at $493.
It formed a huge bullish engulfing candle and has broken through two Fibonacci resistance levels, increasing the chances of an upside rebound.
Technical indicators:
European Index: The bullish trend was supported by the bullish impact of the recovery rebound and a golden cross formed between the 50-day and 200-day moving averages. Additionally, there is a positive crossover between the 100-day and 200-day moving averages.
Smoothed Moving Average Convergence and Divergence: The MACD indicator shows a bearish crossover just shy of a bullish engulfing candle. Therefore, technical indicators remain positive. Therefore, technical indicators maintain a positive view on BCH price.
Will BCH Price Break Above $700?
The Fibonacci retracement tool has the current price target at $541. A break above this level would target $608 and $694, with a greater chance of a new 52-week high.
In addition to the 52-week high, the 1.27 Fibonacci level of $803 is a potential price target in December 2024. On the other hand, the key support levels for BCH price are located at $493 and $446.
As bull run heats up, will Bitcoin Cash price reach $1,000 in this recovering market? Learn more about us BCH price predictionwhich provides a long-term perspective.
FAQ
Bitcoin Cash (BCH) is currently trading at $519, up 18.29% over the past 24 hours and up 61.30% from $321.
Near-term targets are $541, $608 and $694, with a possible 52-week high above $719. Longer term, the December 2024 target is $803.
Downtrend breakouts, Fibonacci retracement levels, EMA golden crosses, and bullish MACD alignment support the uptrend.
