As the Bitcoin price hits a new all-time high at $97,900, the curse in Bitcoin Cash is making waves. With a huge increase of 18.29% in the last 24 hours, BCH price has crossed the $500 mark.
Will this breakout rally result in a new 52-week high above $719? Let’s find out in the latest BCH price analysis from Coinpedia.
Bitcoin Cash Price Performance
On the daily chart, BCH price action shows that a bearish breakout rally is finally gaining momentum. After consolidation in October and early November, BCH price has crossed the Fibonacci level of 23.60% at $387.
With a V-shaped recovery, the uptrend from…$321 is now trading at $519. This rally is good for an increase of 61.30%. Moreover, it has broken above the 50% Fibonacci level at $493.
By creating a huge bullish engulfing candle, it has broken above the 2 Fibonacci resistance levels, increasing the chances of an upward rally.
Technical indicators:
EMA: The recovery rally, which supports the bullish trend and results in a bullish influence, has led to a gold crossover between the 50-day and 200-day EMA. Furthermore, the 100-day EMA and the 200-day EMA have produced a positive crossover.
MACD: The MACD indicator shows a narrow escape from a bearish crossover with the bullish engulfing candle. The technical indicators therefore remain positively aligned. Therefore, the technical indicators maintain an optimistic stance for the BCH price.
Will BCH Price Cross $700?
The Fibonacci retracement tool outlines the immediate price target at $541. A breakout above this level will target the $608 and $694 levels, with increased chances of a new 52-week high.
After the 52-week high, the Fibonacci level of 1.27 at $803 is a potential price target for December 2024. On the other hand, the crucial support levels for the BCH price are at $493 and $446.
In this recovering market, will the price of Bitcoin Cash reach $1,000 as the bull run intensifies? Read more about our BCH price forecast, which offers a long-term view.
Frequently asked questions
Bitcoin Cash (BCH) is trading at $519, up 18.29% in the past 24 hours, with a 61.30% rally from $321.
The immediate targets are $541, $608 and $694, with a potential new 52-week high above $719. Longer term, $803 is a target for December 2024.
A bearish breakout, Fibonacci retracement levels, EMA golden crossovers and bullish MACD alignment support the uptrend.