We see the Bitcoin Cash price rising steadily on the charts. This bullish momentum may be related to its correlation with Bitcoin: a few days ago Bitcoin crossed several key price levels above $ 20,000, while BCH soared.
However, being in an ascending channel involves a price correction that may come with a breakout.
At the time of writing, Bitcoin Cash is trading at $ 312 with a market value of $ 5.8 billion. Over the past week, the cryptocurrency price has seen an increase of over 18 percent. According to the 1-hour chart of Bitcoin Cash, the coin continues to be traded within the limits of instant resistance and support levels. Over the past few days, the price action of Bitcoin Cash has created a rising channel structure. Conventionally, if a rising channel ends with a bearish trend and the price of BCH leaves the channel, a minor correction can be expected.
In the past 24 hours, BCH has seen significant resistance at the $ 320 price level. However, if the price starts a correction, BCH has two strong support levels at $ 305 and $ 298.
However, in the short term, i.e. within the next 24 hours, the coin can continue to trade even within the boundaries of the rising channel. Significant resistance levels are at $ 320 and $ 326. Unless there are significant changes in the crypto market over the next 24-48 hours, the price of BCH will continue to trade in a similar range with minor corrections.
In addition, internet entrepreneur and digital rights activist Kim Dotcom made a remarkable claim about the Bitcoin Cash price. Dotcom, in his post to over 710 thousand followers, wrote that the price of Bitcoin Cash will increase by 867 percent in 2021 to over $ 3,000. Dotcom also suggested that BCH is better for transfer transactions these days.