According to CoinDesk Research’s technical analysis data model, posted strong gains during Wednesday’s session, rising 1.9% from $508.32 to $518.01 amid increased volatility in crypto markets. The move created clear bullish momentum in a trading range of $32.78, representing 6.4% intraday volatility as BCH outperformed while most altcoins stumbled over key resistance zones.
The decisive breakout occurred at 1:00 p.m. UTC on Wednesday when BCH broke through resistance at $530.00 on an exceptional volume of 39.3k units, or 158% above the 24-hour moving average. After touching $532.16, the token consolidated in a descending channel with falling volume while holding higher lows and consolidating support at $515.00.
Recent 60 Minutes action revealed a two-phase rise starting at 02:35 UTC on Thursday, with BCH rising from $516.34 to $521.66 on volume of 3,276 units before returning to $518.07. This pattern tested resistance near $521.50 before establishing new support around $518.00, reinforcing the broader bullish structure.
Technical timing versus profit taking
With no fundamental catalysts specifically motivating BCH, technical levels dominated as the cryptocurrency navigated the broader market. While BTC was rejected near $107,000 and most altcoins sold off due to resistance, BCH’s holding above $515.00 suggests accumulation by larger players.
Post-breakout consolidation indicated healthy price discovery, with decreased volume on pullbacks showing limited selling interest. Traders are now watching to see if BCH maintains its technical advantage as crypto markets operate on general supply.
Key Technical Levels Signal Continuation Trend for BCH
Support/Resistance:
- Main support stuck at $515.00 after successful breakout streak
- Secondary support zone between $499 and $503, tested twice on selling waves
- Key resistance at $521.50 based on recent 60 minute rejection patterns
- The upper target remains in the $530-$532 area from previous session highs.
Volume analysis:
- The increase in volume to 39.3k units (158% above the SMA) confirmed the validity of the breakout
- Volume decline during consolidation shows limited distribution pressure
- 60-minute volume of 3,276 units supported upside momentum tests
- Accumulation patterns evident above $515 support zone
Chart templates:
- Uptrend intact with higher lows maintained through consolidation
- Descending channel following breakout suggests controlled profit taking
- Two-phase movement shows continued institutional interest
- Support tests reinforce the structural integrity of the uptrend
Targets and risk management:
- Immediate Target: Retesting $521.50 Resistance with Volume Confirmation
- Stretch target: return to highs of $530-532 on follow-up
- Risk Threshold: A break below $515.00 support signals trend failure
- Stop Placement: Conservatives Exit Below $499 Support for Swing Trades
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial team for accuracy and compliance with our standards. For more information, see CoinDesk’s full AI policy.
