Bitcoin Cash is currently in a phase that might just make investors sit up and take notice. The price has been trading sideways since June, stuck within the range of $375 and $652. Yet, something intriguing is happening, and it’s starting to resemble the kind of movement we saw with ZEC a while back.
MR IRRELEVANT, a keen observer of BCH since 2021, has been tracking its price movements closely. He’s seen this type of action before, and he believes that BCH is now on the verge of something big. If you’ve been following BCH for a while, you know that it’s a coin with huge potential to break out when it gets going. MR IRRELEVANT likens BCH’s current pattern to the moves made by ZEC in its own rally, a comparison that could be significant.
What you'll learn 👉
BCH Price – Is It Ready for a Breakout?
Bitcoin Cash has been stuck in a tight range. Traders are waiting to see when it finally breaks out. The sideways movement is boring for some, but it’s creating an interesting setup. MR IRRELEVANT believes BCH is close to a breakout, especially if it moves above $621.
On the daily chart, a strong bullish candle has appeared. This could signal a shift in momentum. The recent surge shows real buying strength, and MR IRRELEVANT thinks this volume could fuel a rally.
The main level to watch is $621. If BCH breaks above it, things could move quickly. MR IRRELEVANT expects three possible targets: $684, $768, and a bold target at $1166. A move like this would be a big change from the current range and would look similar to ZEC’s massive past runs.
Understanding the ZEC-Style Energy
What exactly does “ZEC-style” energy mean when applied to BCH? In the context of MR IRRELEVANT’s analysis, it refers to a type of price action that starts slowly, with the market being hesitant, but then picks up steam as the momentum grows. ZEC had a period where it was trading sideways before seeing explosive price action that caught many off guard.
In a similar vein, BCH has been moving within a defined range for some time now. However, the chart shows that it’s been steadily building pressure, and once it breaks certain resistance points, there could be a powerful move upwards. Just like ZEC’s breakout, BCH could surge to new highs in a very short time.
Looking at the attached charts, we see two timeframes of BCH’s price action. On the weekly (1W) chart, BCH’s recent price moves are contained within specific levels, with some resistance around $621. On the daily (1D) chart, the price action looks even more promising. The chart reveals the market structure, with BCH setting up higher lows, showing a potential for a breakout above the crucial resistance zone.
Could BCH Follow ZEC’s Lead?
While it’s impossible to predict the future, the similarities between ZEC’s breakout and BCH’s current setup are too hard to ignore. Both coins have demonstrated the ability to make significant price moves, and BCH’s current market action looks like it’s preparing for just that.
MR IRRELEVANT’s observation of BCH’s bullish volume and potential for price action above $621 seems well-founded based on the current charts. As Bitcoin Cash continues to consolidate and build momentum, all eyes will be on the $621 level to see if it can break through and ignite a larger rally.
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If BCH follows in ZEC’s footsteps, this could be the start of a new chapter for Bitcoin Cash, one that could surprise many, especially those who have been patiently waiting for a breakout.
As always, while the charts are suggesting possible targets, it’s important to keep an eye on how the market reacts as this scenario unfolds. For now, the price action is setting up in a way that could turn heads in the coming days or weeks.
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