BITCOIN CASH PRICE ANALYSIS & PREDICTION (April 4) – BCH Resurges Amid Slight Market Relief, Up 20% Weekly

2024-4-4 17:56

Bitcoin Cash BCH resumed positive actions today amid a temporal relief in the market. The bulls are not slowing down momentum as they aim to retake the weekly high. It is currently one of the top gainers with an 8% daily gain. 

In the recent bearish, BCH didn’t fade much as it went through a short retracement move, providing the buyers with a discount near the $560 level yesterday. That was followed by a sharp rejection and the price bounced. 

Taking advantage of the brief break in selling, the asset recovered from the discounted price level and surged towards the recent weekly high. 

Now that the bulls are back in action, the price will likely break higher if they sustain pressure throughout this week. Otherwise, we may see another lower retracement move if the bears return to the market.

However, looking back from where the price surged out from an accumulation phase in March to where it currently trades, BCH has seen impressive growth as it doubled its price with no signs of slowing down at the time of writing.

While the trend favours the bulls from a mid-term perspective, a drop below the current bounce level could facilitate another retracement move near the $440 level – creating an inducement for a stronger buy.

BCH’s Key Levels To Watch Source: Tradingview

BCH’s bulls are currently targeting the weekly $705 high. If they push above this high – which acts as immediate resistance – the next area of interest would be $732. There’s also resistance at $805 in case of more surge.

The latest surge in price is supported by the $642 and $590 levels. Below it lies the weekly low of $560. If the price cracks this low, $530 and $470 are the next support levels to keep in mind.

Key Resistance Levels: $705, $732, $805

Key Support Levels: $642, $590, $530

Spot Price: $666 Trend: Bullish Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: olyasolodenko/123RF // Image Effects by Colorcinch

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