Date: Thu, April 17, 2025 | 02:46 PM GMT
The cryptocurrency market showed some upside momentum last week after President Trump announced a 90-day pause on tariffs — a move that boosted investor sentiment across risk assets.
Bitcoin Cash (BCH) was among the gainers, recording an impressive 12% rise over the week. It is currently trading around $330, although it’s still down by about 32% over the past 90 days.
Source: Coinmarketcap
Interestingly, recent price action suggests that BCH could be positioning itself for a stronger bullish reversal, as noted by prominent crypto chart analyst @JohncyCrypto.
Retesting Its Descending Channel Breakout
On the daily chart, BCH had been stuck in a clear descending channel for several months, dropping from a peak of around $640 to a bottom near $249. The overall trend was bearish, marked by lower highs and lower lows.
Bitcoin (BCH) Daily Chart/Source: @JohncyCrypto
However, the tide started to turn last week. On April 12, BCH broke out of the descending channel at approximately $330, pushing the price up to a local high near $374. Since then, BCH has pulled back slightly and is now retesting the previous descending resistance line — a common move after a breakout.
Adding to the bullish case, BCH is also finding support at the 50-day moving average (MA 50), currently around $325, which could act as a critical short-term floor.
If Bitcoin Cash holds above this zone and successfully bounces, analysts point to several key upside targets:
- $410
- $500
- $565
- $618
A full move toward the $618 zone would represent an 86% gain from current levels.
The volume profile also suggests that once BCH clears the $400–$410 region, it could face relatively lighter resistance on its way up toward higher price areas.
Is a Bounceback Ahead?
Given the breakout from the descending channel, strong support at the MA 50, and improving market sentiment, BCH looks well-positioned for a potential bounce. However, confirmation is still needed — especially holding above the $322–$328 support zone in the coming sessions.
If bulls can maintain this momentum, Bitcoin Cash could be gearing up for a strong recovery run over the coming weeks.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
