Following its peak at $328 for the year, the Bitcoin Cash (BCH) price has experienced a decline. This decline led the price to dip below the significant horizontal resistance level of $280.
However, even in light of this decline, the daily timeframe analysis indicates a forthcoming bottom and a subsequent recovery in the BCH price, ultimately leading to a new annual high.
Bitcoin Cash Price Falls by Nearly 30% After Rejection
The weekly analysis of BCH’s chart reveals that its price has been tracing a descending resistance line since May 2021. The lowest point BCH reached throughout this period was $86, slightly above its all-time low of $81 in December 2018.
However, a significant surge in BCH’s price has been observed since then. In January 2023, it managed to break free from the descending resistance line that had confined it for 609 days.
Following the breakout, there was a brief retracement to levels prior to the breakout….
