- BCH daily chart shows first breakdown from its ascending channel since March, signaling traders’ focus on reclaiming structure or confirming weakness.
- A move back above $554 near EMA and SMA levels could trap sellers, reigniting bullish momentum and extending the rally toward $600.
- Rejection at the channel boundary leaves downside continuation likely, with $480 and $450 emerging as critical supports for Bitcoin Cash traders.
Bitcoin Cash (BCH) is showing early signs of weakness after breaking down from a long-standing ascending channel on the daily chart. The move comes as the price trades at $542.64, with a 24-hour increase of 1.52% and trading volume of $187,761,899.
Breakdown from the Daily Channel
According to Alpha Crypto Signal , BCH has broken below its ascending channel for the first time in months. This channel has guided Bitcoin Cash higher since March, consistently providing higher lows and structured rebounds off support. Losing this formation now signals a potential shift in the overall trend.
Traders are closely monitoring whether BCH can recover quickly. A decisive move back inside the channel could invalidate the breakdown and trap late sellers, restoring upside momentum. Failure to reclaim this level would strengthen bearish control on the daily timeframe.
Key Levels to Watch
The immediate focus remains on the EMA and SMA cluster around $554, serving as a critical pivot zone for buyers. If BCH regains this region, momentum could return toward the $600 mark and extend the broader uptrend.
However, if the retest of the channel fails, pressure could build on the downside. Market watchers are eyeing $480 and $450 as the next notable support zones. A rejection here would confirm weakness and mark the beginning of extended downside continuation.
Market Sentiment and Next Move
Alpha Crypto Signal stressed that all eyes remain on the coming sessions to determine BCH’s direction. If the price climbs back inside the channel, the uptrend could remain intact. On the other hand, sustained trading below the channel would indicate a shift in structure after months of bullish control.
At present, the battle between bulls and bears is centered around reclaiming the channel boundary. The reaction around this level will define whether BCH stabilizes or moves toward deeper retracement levels.
