Here's Why Bitcoin Cash is Ready for a Breakout | Credit: Hameem Sarwar
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Key Takeaways
Bitcoin Cash (BCH) is breaking out from a long-term diagonal resistance.
The BCH price has more than doubled since bouncing at support in April.
Will BCH finally break out, and if so, how much further will it increase?
After years of consolidation, Bitcoin Cash (BCH) is on the brink of a major move.
Bullish momentum is building, and BCH attempts to break out from its diagonal resistance.
Besides the USD pair, Bitcoin Cash shows bullish signs against Bitcoin (BTC), finally breaking a long-term downtrend.
This article will examine several charts to determine where BCH is heading next.
Bitcoin Cash Breakout
The long-term BCH analysis shows that the price has traded in a massive symmetrical triangle pattern since the start of 2018.
A pattern of such length will likely lead to an explosive move once the price finally moves out of its confines.
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The price action suggests a breakout is imminent. Today, the BCH price is making its third breakout attempt in a short time.
BCH started its rally after bouncing at $300 in April (green icon), so the price trades above horizontal support.
If Bitcoin Cash breaks out, the closest resistances will be at $1,500 and $3,000, respectively. So, once a breakout transpires, there is massive upside.
Momentum indicators are decisively bullish. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) broke out from their trend lines.
The indicators are also in positive territory, indicating a bullish BCH trend.
So, the long-term analysis gives a bullish Bitcoin Cash prediction, suggesting a breakout is imminent and a parabolic rally will follow.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
