BCH Price Jumps 10% With Bulls Preparing The $300 Breakout!

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Giving a bullish breakout of the symmetrical triangle pattern in the daily chart, the BCH price continues to gain momentum with a successful retest. The uptrend now challenges a confluence of resistances and marks a pivotal point in the Bitcoin Cash price trend. 

With a momentary surge marking a high momentum, Bitcoin Cash is ready to cross the psychological mark of $300. Moreover, the improving sentiments and the increased buying pressure support the BCH price prediction of a bullish 2024 for Bitcoin Cash.

Source – Tradingview

Marking a solid bullish trend this week, the BCH price has shot up by almost 20% and teases a trend continuation in 2024. In the daily chart, Bitcoin Cash shows a triangle breakout rally, giving a successful post-retest reversal with an intraday jump of almost 10%.

With the high momentum rally sustaining above the $250 mark, the buyers charge the uptrend to challenge the $280 mark. However, the prevailing trend of higher high formations creates an ascending trendline and teases a channel formation. 

Currently, the BCH price trades at $278 with an intraday jump of 9.59% to create a bullish engulfing candle. Moreover, the uptrend faces resistance from the ascending trendline’s confluence and the 78.60% Fibonacci level close to $280. 

Technical indicators:

EMA: The positive trend in the 50D and 200D EMA continues, signaling a strong uptrend in Bitcoin Cash. 

RSI Indicator: The daily RSI line shows a bullish trend in motion and enters the overbought zone. This teases a bullish trend continuation in BCH price. 

Will BCH Price Reach $350?

With the potential approval of a Bitcoin Spot ETF, there’s a lot of excitement in the cryptocurrency market, and Bitcoin’s value is expected to increase. Bitcoin Cash (BCH), which is closely related to Bitcoin, is also likely to see an increase in price following the ETF’s approval.

The bullish breakout from the triangle pattern further enhances the chances of a favorable shift in trend. If BCH surpasses the $300 mark, the momentum generated by the triangle breakout could propel it toward the $350 level.

However, if there’s a trend reversal, the value of Bitcoin Cash could potentially fall back to $260.