Bitcoin Cash (BCH) is showing bullish potential, despite lingering skepticism. According to the crypto analyst Batman, the token has successfully turned a previous resistance level into support, signaling a key technical shift.
Meanwhile, momentum indicators like the stochastic oscillator are aligning with prior local bottoms, suggesting buyers could step in soon. Analysts see a setup favoring upward movement.
Source: Batman X Post
If these trends continue, BCH may have a clear path toward the $600 range. Traders should monitor momentum and volume for confirmation, but the technical signals point to a straightforward rally.
While caution is always advised, the current alignment of support and momentum makes Bitcoin Cash an increasingly attractive candidate for long positions in the near term.
Also Read: Bitcoin Cash (BCH) Holds Support as Analysts Eye Breakout to $950
BCH Technical Outlook Supports a Recovery Phase
According to TradingView, BCH on the 4-hour chart displays a price that rebounded after a sharp fall with increased volatility that subsided later. The price jumped from the lower Bollinger band, rose sharply with considerable strength, and then slowed down near the upper band.
Since then, the candles have become tighter in a trading band, implying declining volatility, balance between buyers and sellers, and a temporary halt in conviction.
Source: TradingView
The moving averages act as a base for a neutral mood. Price is oscillating between the whispers of the short and long EMAs. This suggests indecision rather than a strong trending market.
The short-term moving averages are flattening out, suggesting a pause in the momentum. Resistance is near the recent highs, while support is building near the midband and the key EMAs. It looks like a breakout or breakdown is just around the corner.
Momentum Indicators Point to a Cautious Outlook
Looking at the momentum gauges, the RSI for BCH is at 48.54. The 14-period moving average is at 52.14. This is a neutral reading for the asset because it is neither overbought nor oversold.
It is slightly higher than the 40 mark, indicating a weak recovery for the asset. It is still below the moving average, indicating it is still weak.
Source: TradingView
The MACD indicator shows the MACD line crossing below the signal line, indicating a bearish crossover. The histogram bars have changed from positive to negative, indicating a change in momentum from bullish to bearish.
The MACD line and the signal line are near the zero line, indicating weak and stagnant price action at a neutral zone.
Also Read: Bitcoin Cash (BCH) Eyes $593 as Recovery Strengthens Above 200-Day MA