During the cool-off phase of the 200% jump in June, the BCH price retested the 200-day EMA close to the $180 mark. The short-term correction phase led to a resistance trendline with lower low formations.
With the recent bullish comeback, the Bitcoin Cash price breaks the resistance trendline, signaling a breakout rally. Aiming to create a new higher high, the BCH price is set to reclaim the bullish momentum.
With an 18% recovery this week, the BCH price exceeds the 50-day and completes the positive cycle in the potential range. The range is between $180-$228; currently, the price tests the overhead resistance.
Despite the short-term resistance trendline breakout, the Bitcoin Cash price faces higher price rejection at $228. It is evident in the daily candle with a long wick and 4.72% intraday growth. Currently, the BCH price trades at $217.82 and sustains above the trendline for the moment.
Decreasing the possibility of the death cross for the moment, the bounce back teases the range breakout. With the unleashing of the trapped momentum within the range, the Bitcoin Cash price is set to prolong the bullish trend.
Technical Indicators:
RSI indicator: The daily-RSI line spikes higher to the overbought boundary following the bullish divergence.
MACD indicator: The reversal rally helps the MACD and signal lines recover with an increasing bullish gap.
When Will Bitcoin Cash (BCH) Price Reach $300?
With the market sentiments improving as Bitcoin resurfaces above $26K, the BCH price is set to rise. With the ongoing breakout rally gaining momentum, the Bitcoin Cash price can reclaim the $300 mark shortly.
From the technical chart perspective, the BCH Cash price might shortly break above $228, leading to a jump to $300. Furthermore, the SEC’s upcoming decision on the Bitcoin ETF in October will be a pivotal point.
On the flip side, a downtrend continuation from $228 can touch the 200-day EMA to retest the bullish dominance at $180.
