Bitcoin Cash (BCH) is currently positioned at a potentially historic juncture. Analysis of the BCH/USD pair on a macro level suggests that for the first time, Bitcoin Cash may see its monthly candle close beyond a significant long-term downtrend.
Monthly chart observations indicate a series of candlesticks, the colorations of which—red for a lower close and green for a higher close—paint a story of market sentiment over extended periods. The presence of upside wicks in past price movements hints at traders’ attempts to push beyond established resistance.
Drawing attention to the trend lines, a notable descending black line emerges. This line has acted as a steadfast barrier, resisting upward price trajectories. Conversely, an ascending blue line suggests a narrowing of price fluctuations, a pattern commonly referred to as a symmetrical triangle. Such patterns often precede significant price breakouts.
The battleground between bullish and bearish forces is further demarcated by dotted lines indicating historical support and resistance levels. These lines represent price points where the currency often pivots, revealing the market’s resistance to surpassing or falling below these values. According to CoinMarketCap, during this press, Bitcoin Cash price is $602.09, with a 24-hour trading volume of $1,477,774,924.
Amidst the technical jargon and pattern analysis, annotations on Rekt’s chart provide a narrative of the market’s past and potential future. An optimistic forecast is encapsulated in a box calling attention to a price target of $412.89, a figure representing a 191.07% increase from a base level that may be tied to the triangle’s apex or a recent low.
