Bitcoin Cash (BCH) stands on the cusp of a monumental achievement. According to top crypto analyst Rekt Capital, BCH is poised to record its first-ever monthly candlestick close beyond the long-standing macro downtrend resistance.
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Historical Significance
While BCH has formed upside wicks past this macro downtrend in the past, the cryptocurrency has yet to sustain a decisive monthly close above this critical level. Consequently, a breakthrough in the forthcoming days would mark a historic milestone for BCH.
Moreover, technical analysis from the top firm altFINS bolsters the bullish narrative surrounding BCH. Their assessment indicates that a bullish breakout above the $500 resistance level signals a continuation of the prevailing uptrend. Moreover, altFINS projects a considerable potential upside of over 20% to the $600 level, a milestone already achieved.
Source: altFINS – Start using it today
Key Resistance Breakthrough
Notably, the $500 level acted as a formidable resistance during the early March trading session. Hence, the convincing breach of this hurdle lately is a positive development. Furthermore, altFINS recommends implementing a stop-loss at $460 to prudently manage risk exposure.
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Show more +Trending and Momentum Indicators Favor Bulls
Significantly, BCH exhibits a well-established uptrend across short, medium, and long-term time horizons. Additionally, momentum indicators such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are aligned with the bulls’ narrative.
The latest price data from CoinMarketCap corroborates the strength in BCH. At the time of writing, BCH trades at $601.02, reflecting a 4.79% gain over the past 24 hours.
The combination of a potential historic macro breakout, favorable technical indicators, an established uptrend across multiple timeframes, and positive on-chain data suggests BCH could be gearing up for a significant upward move. Market participants will closely monitor the price action in the coming days as BCH aims to etch its name in the crypto history books.
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