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The wave structure shows that BCH previously completed a five-wave impulse to the upside, followed by the current corrective phase. Notably, the correction ended on Feb. 3, at $272, below the key support level of 0.618 Fibonacci retracement at $322. The RSI on the daily timeframe suggests a bullish divergence as the price formed lower lows, but the RSI maintained higher lows, indicating weakening bearish momentum.
Additionally, volume analysis shows decreasing selling pressure, which often precedes a reversal. The daily candlestick patterns, particularly the presence of long lower wicks, support the idea of buyers stepping in around current levels. If BCH holds above $322, it could confirm a local bottom and initiate a recovery phase.
Given this setup, BCH may be preparing for a reversal or at least a corrective bounce back toward the broken support around $397. However, sustained bullish momentum requires reclaiming this critical level, with the next major resistance near $472 (0.382 Fibonacci retracement). Failure to break above this zone could see BCH range-bound or facing renewed downward pressure.
BCH Price Prediction
The 1-hour chart reveals a developing impulsive wave structure, suggesting a short-term bullish recovery. BCH appears to be in the early stages of an impulsive five-wave sequence following the completion of wave (ii) correction. Wave (iii) is anticipated to push prices toward the $380-$400 range, aligning with the 0.5 Fibonacci retracement level.
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