- Bitcoin Cash is trading near $612, and analysts confirm upside resistance at $776, $960, and $1,157.
- The breakout from a two-year channel suggests a bullish macro pattern with weekly momentum increasing.
- Analysts highlight that price reactions at $776, $960, and $1,157 will decide the strength of this rally.
Bitcoin Cash (BCH) is breaking out of a two-year falling channel, showing strong weekly momentum and signaling potential bullish continuation. Analysts described the current structure as resembling a cup and handle pattern on a macro scale.
Breakout From Long-Term Channel
The BCH/USDT chart revealed price action lifting decisively above the descending resistance that contained movement for nearly two years. This breakout has been viewed as a structural shift, with analysts noting that bullish momentum has strengthened after months of compressed action.
At the time of observation, Bitcoin Cash traded near $612.9, reflecting a sharp weekly gain of over 12%. The move coincided with increased trader attention as macro resistance levels began to approach.
The cup and handle formation appeared visible across the chart, supporting the outlook that further upside targets could be achievable. Analysts stressed that this pattern, if confirmed, would validate the breakout and potentially extend the rally significantly.
Resistance Targets in Play
Clear upside targets have been identified, beginning with $776.1 as minor resistance. This level represents the first checkpoint traders are watching in the near term. Holding momentum through this zone could set the stage for extended bullish runs.
Beyond that, $960.8 stands as the next major horizontal resistance. This price level aligns with prior rejection areas, making it a critical barrier for further growth. Breaking above $960.8 would reinforce confidence in the strength of the current rally.
The highest measured move extension target has been placed at $1,157.1. Analysts suggest this level reflects the full potential of the breakout based on macro chart projections. If achieved, it would mark the strongest performance for Bitcoin Cash in years.
Traders continue to monitor these resistance zones closely, as each represents both opportunity and risk. Price reactions at these levels will determine the sustainability of the broader breakout narrative.
Macro Structure Turning Bullish
The breakout’s significance extends beyond immediate price targets. Observers highlighted that the macro structure of Bitcoin Cash is shifting from prolonged bearishness to a more constructive phase. This change is supported by the chart’s larger pattern development.
Weekly momentum indicators point toward strengthening market sentiment. The successful escape from the falling channel suggests an end to long-standing downward pressure, opening the way for renewed accumulation and interest.
Market watchers noted that while short-term resistance could slow progress, the structural breakout carries weight for long-term perspectives. Traders described the move as potentially marking the beginning of a broader bullish cycle for Bitcoin Cash.
The pivotal question now stands: Can Bitcoin Cash maintain enough strength to push through $776, $960, and ultimately $1,157, confirming a macro trend reversal?
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed