According to CoinDesk Research’s technical analysis data model, pushed as high as $550 during a strong volume surge, then cooled into a narrow band as traders assessed whether new support would hold.
Technical Analysis Highlights
- Path and Result: BCH rose from $540.24 to $554.52 for a session gain of 2.6%, setting higher lows and confirming an uptrend structure.
- Breakout Moment: The surge started during Asian hours when the price broke $547 at 1am UTC; the breakout candle printed 130,078 units.
- Volume Context: During the move above $550, trading was 328% above average, signaling strong participation behind the breakout.
- Post-Move Check: A pullback to $553.58 over the past hour tested the area just above the breakout zone.
- Weekly context (vs BTC): The model notes weekly gains of 4.8% for BCH compared to a decline of 1.2% for bitcoin over the same period.
What do the patterns mean
- Breakout with confirmation: Breaking $547 first and $550 later, with strong activity, tells you that the buyers were not alone: there was depth behind the move.
- Retest Support: A quick drop to $553.58 after the breakout is a normal “check” to see if new buyers defend the level; $553.50 is the line the model is looking at.
- Constructive Structure: The pattern’s highest lows at $528.55 and $534.36 and an ascending trendline from October 30 remain intact, although a lower high from $558.25 is on watch.
Support and resistance map
- Support (nearest): $553.50 (freshly tested).
- Support (retest breakout): $547 (resistance turned support).
- Trend reference: October 30 ascending line above $534; previous higher lows at $534.36 and $528.55.
- Resistance (immediate): $558.25 (previous high).
- Short-term band: $553 to $556 defines the current consolidation zone.
Volumetric image
- Peak bar: 130,078 units at 1:00 UTC on the $547 breakout.
- Small Group Participation: +328% compared to average during the race up to $550.
- After the surge: The model notes high activity even during the slight pullback, which is consistent with active price discovery.
Positioning signals
- Options Interest: The model highlights growing call interest during the November strikes at $560 and $575, which is consistent with traders charting control points to the upside (this is a positioning color, not a forecast).
Risk framing
- If support holds: The previous high of $558.25 is immediate control (around 0.9% from the session settlement cited in the model).
- If support fails: a loss of $553.50 could result in a retest of $547 (the breakout level now considered support).
- Stop Zone Reference: The model signals below $534.36 as a logical line for risk control within the uptrend structure.
CoinDesk Index 5 (CD5) Background
- CD5 Window: October 30, 3 p.m. UTC to October 31, 2 p.m. UTC — CD5 rose 1.43% to $1,920.74, with a push above $1,920 between 4-5 a.m. UTC and a daily range of 4.34%, indicating active price discovery across the majors.
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial team to ensure accuracy and compliance. our standards. For more information, see CoinDesk Comprehensive AI Policy.
