BCH Breaks Daily Channel; Reclaim $554 or Test $480 Support
Bitcoin Cash (BCH) has broken below its ascending daily channel for the first time since March, signaling potential short-term structural weakness. The price sits near $543 with a 24-hour gain of 1.52% and volume around $188 million. Traders are watching the $554 EMA/SMA cluster: a clear daily close above this zone would invalidate the breakdown and could resume momentum toward $600. Failure to reclaim $554 raises the risk of a deeper retracement to $480 and $450 support levels. Confirmation candlesticks and volume spikes at these zones will guide next moves. Market sentiment remains conditional—bulls need a reclaim to regain control, while continued trading below the channel would confirm bearish dominance. Disciplined risk management and confirmation signals are essential for both short- and long-term traders.
Bearish
The breakdown of BCH’s ascending daily channel marks a structural shift that typically precedes further downside in technical analysis. Historically, when a long-standing channel supporting higher lows fails, sellers gain control and price often retests lower supports. Here, failure to reclaim the $554 EMA/SMA cluster would likely trigger a move toward the $480–$450 zones, mirroring past instances where broken trendlines led to steeper corrections. In the short term, traders may increase sell orders on rejections, boosting bearish momentum. Over the long term, if key support holds, a base may form, but until BCH convincingly closes back above the channel, the outlook remains tilted toward further declines.