Bitcoin Cash (BCH) Price Analysis: BCH Price Rides on Bullish Onchain-Metrics as Net BTC ETF Inflows Remain Positive

Bitcoin Cash price experienced a significant increase from the beginning of the Bitcoin conference, going into the weekend and spilling over into Monday.

Bitcoin Cash (BCH) price experienced a significant increase from the beginning of the Bitcoin conference, going into the weekend and spilling over into Monday. The gains are likely attributed to the just concluded conference in which presidential aspirants Robert F. Kennedy Jr. and Donald Trump made huge promises to the Bitcoin and crypto community.

Additionally, Bitstamp greenlighting the BCH and BTC deposited by Mt. Gox for creditors’ access may have also played a part in the renewed interest in the crypto asset.

The price of BCH hovered around $444 during the European session on Monday, a 13.1% gain in the last 24 hours. Nevertheless, the Bitcoin Cash price analysis reveals that the asset may still gain more as it completes a bullish reversal pattern in the daily time frame.

The relative strength index (RSI) on the daily chart showed strength in the asset’s bullish momentum, gathering steam to the overbought zone. The asset is also forming a bullish engulfing pattern on the daily time frame.

If the bullish momentum continues and pushes the price of BCH to the Bollinger Bands upper limit, the asset may gain another 21% to reach the $540 price level. This level also coincides with the 23.6% Fibonacci retracement level, which may act as resistance to the bullish advance.

Bitcoin Cash Price Analysis: Further Gains Inbound as Asset Turns Bullish on Higher Time Frames

On the other hand, a reversal from the upper Bollinger Bands limit may see the price of BCH drop to the lower Bollinger Bands limit at around $400, which also coincides with the 38.2% Fibonacci retracement level. A further drop from this level may see the asset trade around the 50% Fibonacci retracement level at around $365.

The price of BCH experienced a bullish breakout from a descending triangle pattern on the 4-hour time frame, gaining 13% from the pattern. The bullish breakout also signaled a bullish reversal in the asset’s trend on the higher time frames.

A bullish continuation from the pattern breakout may see the price of BCH rise to the upper Bollinger Bands limit at around $460. This level also coincides with the 23.6% Fibonacci retracement level, which may act as resistance to the bullish advance.

If the bullish momentum pushes the price of BCH past the upper Bollinger Bands limit, the asset may gain another 10% to reach the $500 price level. This level also coincides with the 38.2% Fibonacci retracement level, which may act as further resistance to the bullish advance.

On the other hand, a reversal from the upper Bollinger Bands limit may see the price of BCH drop to the lower Bollinger Bands limit at around $420, which also coincides with the 50% Fibonacci retracement level. A further drop from this level may see the asset trade around the 61.8% Fibonacci retracement level at around $390.

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