Bitcoin Cash (BCH) Holds Bullish Structure, Awaits Breakout Confirmation

Bitcoin Cash (BCH) continues to honor the bullish momentum flagged in our May 8 forecast, where we identified a breakout scenario with significant upside potential.

Bitcoin Cash (BCH) is testing the final intermediate key-resistance level before the next upside leg can materialize, aiming for the major key-resistance at $612.88, as highlighted in our May 8 analysis.

On the monthly chart, BCH has officially confirmed a new bullish cycle, with the pair comfortably sustaining above the $378.19 inflection level. This area, previously a ceiling for multiple failed rallies, now acts as foundational support. The bullish momentum from February’s surge has held, with BCH currently trading around $444.65, a clear higher-low structure in place.

However, shifting to the weekly timeframe, we encounter an immediate obstacle in the form of intermediate key-resistance at $454.74.

This snapshot reveals that the price action is presently testing this barrier, and a decisive close above it is necessary to trigger the next bullish breakout. Until then, the market might keep consolidating within the $378.19 – $454.74 range. A sustained breakout above $454.74 would expose the next upside target at $612.88, the major key-resistance identified on both the monthly and weekly charts. This level also coincides with a historical supply zone and former price rejection point, rendering it a critical destination for bulls.

On the downside, the market has support at $378.19, with a protective stop-loss positioned at $365.10, safeguarding the bullish scenario against sharp pullbacks.

Our May 8 forecast is still valid, and the bullish outlook remains intact as long as BCH holds above the $378.19 support. The current short-term obstacle at $454.74 represents the final intermediate hurdle before BCH can accelerate its march toward $612.88.