Bitcoin Cash (BCH) has seen a significant increase in value over the past month, with a 35% gain and a 12% rally on November 21st. Technical indicators and data from the derivatives market suggest that BCH could continue to gain and potentially retest its previous peak in April 2024. Bitcoin, the original cryptocurrency, also experienced a rally on the same day, reaching a record high of $98,384. BCH, which was created as a fork of Bitcoin in 2017, reached a peak of $1,650 in May 2021 and has been consolidating with no clear trend since April 2024. On-chain indicators show that BCH has the potential for further rally, with an increase in active addresses and a ratio of profitable to loss-making transactions. The Binance funding rate and open interest in BCH futures have also been positive, indicating optimism among traders. It is important to monitor the net gain/loss metric and the percentage of profitable BCH supply to understand potential profit-taking and selling pressure. Derivatives trade volume in BCH has significantly increased, further indicating trader interest. The price chart shows BCH currently consolidating within a range, but a break above the upper boundary could confirm a bullish breakout. The next major resistance levels for BCH are at $719.50 and $805.80. Technical indicators such as the relative strength index, moving average convergence divergence, and awesome oscillator suggest the potential for gains. However, if BCH fails to close above the upper boundary of the range, the bullish thesis may be invalidated, and support levels can be found at the midpoint of the range and the 50-day exponential moving average. It is important to note that this article is for educational purposes only and does not constitute investment advice.



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