Bitcoin Cash Could End its 7-Year Downtrend | Credit: Hameem Sarwar
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Key Takeaways
Bitcoin Cash (BCH) is nearing a long-term descending resistance trendline.
The Bitcoin cash price has increased by over 100% since its April lows.
Can BCH break out from its long-term resistance and end a 7-year downtrend?
Bitcoin Cash (BCH) is testing a seven-year resistance after rallying 100% since April.
BCH also shows bullish signs against Bitcoin (BTC), which could lead to outperformance for the rest of the year.
This Bitcoin Cash technical analysis explains why a parabolic rally may be imminent.
Bitcoin Cash Technical Analysis
The weekly time frame BCH chart analysis shows a decrease under a descending resistance trend line since the all-time high of $4,300 in December 2017.
Until now, the BCH price has made three unsuccessful breakout attempts (red icons) and is gearing up for the fourth one.
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Technical indicators substantiate the bullish Bitcoin Cash analysis. The Relative Strength Index (RSI) increased above 50 while the Moving Average Convergence/Divergence (MACD) crossed into positive territory (black circles).
Both are positive signs that suggest a Bitcoin Cash price breakout from the 7-year trendline is likely.
Bitcoin Cash vs Bitcoin
Besides the BCH to USD pair, the BCH price has a bullish chart analysis against BTC.
The chart shows a deviation below the ₿0.0040 horizontal support area, followed by an upward movement.
After the BCH price reclaimed ₿0.0040, it broke out from a descending resistance trend line, confirming the end of its downward trend.
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.
