According to CoinDesk Research’s technical analysis data model, posted solid gains during the Wednesday session, advancing 1.9% from $508.32 to $518.01 amid increased volatility in the crypto markets. The move established clear bullish momentum within a trading range of $32.78, representing 6.4% intraday volatility, as BCH outperformed while most altcoins stumbled into key resistance zones.
The decisive breakout occurred at 13:00 UTC on Wednesday, when BCH broke through the resistance at $530.00 with an exceptional volume of 39.3 thousand units, 158% above the 24-hour moving average. After touching $532.16, the token consolidated in a descending channel with decreasing volume while holding higher lows and consolidating support at $515.00.
The recent 60-minute action revealed a two-phase rally that began at 02:35 UTC on Thursday, with BCH jumping from $516.34 to $521.66 on volume of 3,276 units before retreating to $518.07. This pattern tested resistance near $521.50 before establishing new support around $518.00, reinforcing the broader bullish structure.
Technical Momentum Versus Profit Taking
With no fundamental catalysts driving BCH specifically, technical levels dominated as the cryptocurrency navigated the broader market. While BTC faced rejection near $107,000 and most altcoins sold off due to resistance, BCH holding above the $515,00 support suggested accumulation by larger players.
Post-breakout consolidation indicated healthy price discovery, with decreasing volume during pullbacks showing limited selling interest. Traders are now watching to see if BCH maintains its technical advantage as crypto markets work through overall supply.
Key technical levels indicate a continuation pattern for BCH
Support/Resistance:
- Primary support locked at $515.00 after successful breakout sequence
- Secondary support zone between $499-503, tested twice in selling waves
- Key resistance at $521.50 based on recent 60-minute rejection patterns
- Upper target remains $530-532 area from previous session highs
Volume analysis:
- The increase in volume to 39,3,000 units (158% above the SMA) confirmed the validity of the breakout
- Decrease in volume during consolidation shows limited distribution pressure
- 60-minute volume of 3,276 units supported test of upside momentum
- Accumulation patterns evident above $515 support zone
Chart Patterns:
- Uptrend intact with higher lows maintained through consolidation
- Descending channel after breakout suggests controlled profit taking
- Two-Phase Movement Shows Continued Institutional Interest
- Tests of Support Reinforce Structural Integrity of Uptrend
Objectives and risk management:
- Immediate Target: Retest of $521.50 Resistance with Volume Confirmation
- Extended Target: Return to breakout highs of $530-532 on follow-up
- Risk Threshold: A Fall Below $515.00 Support Indicates Trend Failure
- Stop Placement: Conservative Exits Below $499 Support for Swing Trades
Disclaimer: Portions of this article were generated with the help of artificial intelligence tools and were reviewed by our editorial team to ensure accuracy and compliance with our standards. For more information, see CoinDesk’s full AI Policy.
