Is BCH ready for a bull run? 77% 30-day correlation with BTC says…

Bitcoin Cash (BCH) sharply declined in a down-channel (white) since November last year. Although it broke out of the pattern recently, it struggled to find a strong recovery since then.  

From here on, a break above its two-month resistance (yellow) could lead to short-term recovery. Following this, BCH could possibly fall back towards the mean of its Bollinger Bands (BB). At press time, BCH traded at $333, up by 3.55% in the last 24 hours.

BCH Daily Chart

Source: TradingView, BCH/USDT

The alt lost over 64% of its value since its November highs and poked its 13-month low on 24 January. The bulls finally stalled the downslide by ensuring the $275-mark 15-month support. As a result, BCH saw a patterned breakout last month. But this rally was shunned by its immediate trendline resistance.

Recently, the price has been hovering around the upper band of the BB. Thus,…

Read more at ambcrypto.com

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