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Bitcoin Cash (BCH) Rises With Strong On-Chain Data Support

Bitcoin Cash (BCH) is currently riding a bullish wave, but a fall below the daily Ichimoku cloud could signal a shift to a downtrend. Investors should closely monitor key support and resistance levels to adjust for potential market changes.

Technical Forecast for Bitcoin Cash

is being exchanged Bitcoin Cash (BCH) Currently $507 in Daily Ichimoku Cloud. The exit of the daily Ichimoku cloud to the downside could lead to a reversal of the downtrend.

BCH/USDT (1D). Source: Commercial View
BCH/USDT (1D). Source: Commercial view

A successful breakout above this level could indicate further bullish momentum.

Key Fibonacci resistance levels to watch include the 0.382 level at $576.9, the 0.236 level at $631.1, and the 0.618 level at $489.4, which serves as crucial support.

On a 4-hour time frame, BCH is trading above the Ichimoku cloud, indicating a short-term uptrend.

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BCH/USDT (4 hours). Source: Commercial View
BCH/USDT (4 hours). Source: Commercial view

The price is currently hovering around the 0.618 Fibonacci level at $489.4, which serves as support. The 100-period exponential moving average (EMA) at $475.9 also provides support, strengthening Bullish outlook.

Ichimoku Cloud It is a tool used in technical analysis to help identify market trends. Here's a little detail:

  • Cloud: The shaded area on the chart shows potential support and resistance levels.

When the price is above the cloud, it indicates a bullish (bullish) trend. When the price is below the cloud, it indicates a bearish (bearish) trend.

  • linesThere are several lines in Cloud Ichimoku:

    • Transfer line (Tenkan): Displays the average price over the last 9 periods (candles).

    • Baseline (Kijun): Displays the average price over the last 26 periods (candles).

    • Main extension A and B: They form a cloud and display future support and resistance levels.

BCH Price Analysis: Demystifying On-Chain Data Insights

Investors have held the majority of BCH, approximately 13 million coins, for over 52 weeks, demonstrating strong long-term confidence. This indicates that a significant portion of the supply is held by investors who believe in the long-term potential of BCH, thereby reducing selling pressure and ensuring price stability.

Around 6 million BCH is held for 2 to 52 weeks, suggesting that medium-term holders could expect more. Price increase Before thinking about selling.

Age of BCH held. Source: Chainalysis
Age of BCH held. Source: On-Chain Analysis

This combination improves overall holding power, reduces volatility and increases the potential for a sustained uptrend. Less than 700,000 BCH is held for 0-2 weeks, indicating minimal activity from short-term holders.

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This indicates less speculative trading, which is a positive sign of market stability, as it indicates less sudden selling and more consistent price action driven by long-term investors.

Strategic Recommendations: Bullish to Neutral Outlook

Monitor key resistance and support levels: Monitor the resistance level of $516.4 for possible bullish breakouts and ensure BCH holds above the critical support levels of $489.4 and $475.9 to maintain it. Positive expectations.

Bitcoin Cash (BCH) is currently in the Ichimoku daily cloud, facing a major resistance level at $516.4. A bearish exit from the daily Ichimoku cloud could invalidate the bullish outlook.

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