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,…


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