Bitcoin Cash (BCH) trades below the $620 horizontal resistance area.
The Bitcoin Cash price trades inside an ascending parallel channel.
Can BCH break out from its confluence of resistances or not?
Bitcoin Cash is flashing mixed signals on the charts, leaving traders wondering if the recent rally has already run out of steam.
Despite a strong weekly bounce and improving momentum indicators, BCH now sits directly under a major resistance that has rejected price advances for more than a year.
With both bullish and bearish structures forming across multiple time frames, the market is asking a big question: Will Bitcoin Cash decline, or is a breakout finally near?
Bitcoin Cash Price Analysis
The weekly Bitcoin Cash price action suggests that the price could still be in a bullish structure.
The charts show that after breaking out from a diagonal resistance trend line, the BCH price bounced at it twice (green icons).
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The diagonal fits perfectly with a wave C, hence it is likely that the bounce is over.
A breakdown from the wedge will confirm that the bounce has ended, triggering a 12% plunge to $520.
Critical Resistance Ahead
BCH is now at a pivotal make-or-break moment.
The weekly indicators support the possibility of a bullish continuation, but the daily and short-term structures lean bearish, suggesting that the recent upward move may be merely a completed corrective bounce.
Until BCH breaks convincingly above the critical 620 resistance area, downside risk remains elevated, and the likelihood of Bitcoin Cash going down appears stronger than a sustained bullish 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.
