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While excitement over the green light for spot Bitcoin ETFs sent Bitcoin and most altcoins soaring, Bitcoin Cash (BCH) seemed stuck on the sidelines. But the tide has turned.
As the broader market cooled off on Friday, with Bitcoin dipping 1.6% to $46,055 and Ethereum flat at $2,627, BCH holders finally had reason to celebrate.
A meteoric 10%+ breakout propelled the Bitcoin hard fork to $260, proving patience is a virtue in the crypto game. This explosive move suggests BCH could be gearing up for a much bigger rally, with eyes set on highs beyond $335.
Read also: Top Altcoins To Buy January 11: ETC, DOGE, XAI
Bitcoin Price Prediction: Can Bulls Nurture Triangle Breakout?
In the wake of the drawdown from July highs at $329, Bitcoin Cash steadied above the $180 support. The sheer presence of this demand area gave bulls hope that a trend reversal was possible.
Attempts to sustain the uptrend, however, fizzled at $220 on many occasions, forcing the market to settle for consolidation. The tug-of-war between bulls and bears continued until sentiment changed across the crypto space in October, as drums for a spot Bitcoin ETF sounded.
Interest grew among investors could almost see a bullish wave traversing the market. Backed by increasing demand for crypto, Bitcoin Cash climbed to new levels but this party suddenly paused due to the seller congestion at $260.
Within this push and pull, an ascending triangle formed potentially curving out a recovery trajectory 30% above the breakout point ($260) to $335. Now, with Bitcoin Cash price trading above the triangle resistance, and a staggering 130% spike in trading volume to $870 million, the path with the least resistance will likely remain upwards.
On top of the ascending triangle breakout, a buy signal from the Moving Average Convergence Divergence (MACD) points towards a bullish weekend. Traders may consider entering more long positions as long as the MACD line in blue holds above the signal line in red with the momentum indicators sloping upwards.
Looking out for potential support areas could also help minimize risks, starting with the immediate at $280. A daily candle close above this could back the uptrend, encouraging traders to sit still for more gains.
The range high at $300 is also another key milestone to look out for. A successful break above it could be the ultimate signal for the climb to $335. Tackling the same level and failing to break above it could drastically change Bitcoin Cash’s technical structure, perhaps even leading to a revisit of the range low at $260.
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