CandleFocus Bitcoin Cash Price Forecast: Technical and on-chain metrics suggest a rally ahead
2024-10-29
Author: Content Editor
Bitcoin Cash (BCH) is trading positively and approaching a descending trendline, indicating a potential bullish move. On-chain data, such as the long-to-short ratio and funding rate, further support this bullish outlook. BCH is currently trading slightly above $376.6 and if it successfully breaks above the descending trendline and closes above the resistance level, it could rally 22% to retest a previous high of $459.2. Technical indicators, such as the MACD and RSI, also suggest upward momentum. The OI-Weighted Funding Rate and long-to-short ratio indicate bullish sentiment in the market for BCH. However, if BCH fails to break above the trendline and closes below $338.6, the bullish thesis would be invalidated and the price could decline to test the next support level at $299.7.
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