European Session Buying Lifts Bitcoin Cash to $491.80 After Breaking $487 Resistance
Bitcoin Cash (BCH) rose by 3.3% to $491.80 after breaking the $487 resistance during the European trading session with above-average volume. The price peaked at $495.30 before briefly dipping and recovering to $492.99, displaying strong bullish momentum. Higher lows were observed, and sustained buying interest pushed prices above key breakout levels. Volume surged 78% compared to the 24-hour average. Support is identified at $487 and $490, while resistance lies near the $495 mark, with a potential upside target of $500. Risk management emphasizes maintaining price above $487 to retain the bullish structure.
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BCH Price Movement Overview
According to CoinDesk Research's technical analysis, BCH increased 3.3% to $491.80 after exceeding the $487 level during an above-average European trading session. The price showcased a range of $33.36, briefly pulling back from a high of $495.30, which buyers quickly faded. (Note: All timestamps are in UTC.)
Key Technical Analysis Highlights
- Price Movement: From $476.10 to $491.80, marking a 3.3% increase.
- Intraday Range: $33.36.
- Higher Lows Set At: $462.67, $474.27, and $479.03.
- Breakout Above $487.00: Happened during the European session with sustained buying activity.
- Price Peaks and Recovery: Hit $495.30, slipped $3.20 to $490.14, then rebounded to $492.99.
- Attempts to Breach $495.00: Multiple attempts occurred between 16:00 and 17:00 UTC on Nov. 5.
- Volume Spike: Peaked at 33,795 units on Nov. 4 at 21:00, significantly higher than the 24-hour average of 13,478 units (a 78% increase).
Patterns and Trends Identified
The report reveals an ascending trend characterized by the following:
- Higher Lows: Buyers consistently stepped in at progressively higher price points.
- Breakout at $487: The price broke through $487 backed by stronger participation.
- Small Dip Absorbed: A small pullback was quickly absorbed, ensuring the momentum remained intact.
Support and Resistance Levels
Support Zones:
- $490.00: A psychological level tested during a 60-minute correction.
- $487.00: The breakout zone.
- $479.03: A higher low that provided additional support.
Resistance Zones:
- $495.00: Multiple rejections occurred in this area.
- $495.30: Identified as the session high.
Upside Targets and Risk Management
- Immediate Upside Target: $495.30 with the potential for a breakout above $500.00.
- Risk Considerations: Defend the $487.00 level to preserve the bullish structure.
Context: The risk/reward ratio favors continuation, with a 7.0% daily range, indicating strong market volatility.
Disclaimer
Disclaimer: Parts of this article were generated with the assistance of AI tools and reviewed by our editorial team to ensure accuracy and adherence to standards. For more details, please refer to CoinDesk's full AI Policy.