BITCOIN CASH PRICE ANALYSIS & PREDICTION (March 6) – BCH Breaks Out of Three-Month Resistance Following a 20% Surge, Signals Bullish

Earlier this week, BCH attempted to resume bearish after losing grip above $350, although it later found support and bounced back strong. This led to a significant breakout, and its landscape is now changing. Over the past month, BCH has held well above the $270 level due to multiple rejections. It resumed drops earlier this week due to a dump from $357, but the bulls intercepted and pushed back at $291. However, its trading levels have changed since the price broke out of a three-month descending trendline yesterday, and as we can see, it is now showing signs of bullishness on the daily chart. While things are still looking dicey on the weekly scale, we should have a clearer picture of where the market is heading by the end of the month. Aside from mirroring Bitcoin’s movement for a couple of weeks, it is noteworthy to say the latest surge was triggered by a sudden increase in the demand level. We can expect a bigger surge if it keeps increasing. Considering yesterday’s breakout of the descending trendline, serving as resistance for months, we can expect a retest before advancing bullish. It currently appears strong but may face resistance soon. BCH’s Key Levels To Watch Source: Tradingview Last week’s $357.5 high is considered the close retest level for pullback. Right below it lies $331, along with the weekly $291 low. The $270 level is the main support to keep in mind in case of a breakdown. Moving higher, it may face resistance at $445. A push above this level could rally us to the $500 and $565 resistance levels in the near term. Key Resistance Levels: $445, $500, $565 Key Support Levels: $357.5, $330, $291 Spot Price: $405 Trend: Bullish Volatility: High Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Image Source: maxuser/ 123RF // Image Effects by Colorcinch