Bitcoin Cash Price Soars 1.43% as Buyers Build Positions Again

The Bitcoin Cash price is currently at $314.06, a 1.43% gain from the latest candle. This is a significant move, as the top level on the chart sits at $560.68, with a gap of about 79% between the two. A trader notes that buyers are building positions again, indicating a potential next wave in the market.

A chart posted on X shows strong accumulation signals in BCH, meaning buyers are slowly adding to their holdings while the price moves sideways. This momentum has been building since the rise in the Bitcoin Cash price.

From a technical analysis perspective, BCH spent late August and most of September in a falling channel, but broke out of it around September 22, jumping sharply to a high just under $360.38. Since then, it has slipped into a smaller falling channel and is now trading near its upper half.

Despite the pullback, the 200 EMA remains above the current price, indicating that the broader trend has not turned. However, if BCH closes below $300.54, the pullback is likely to continue, with the next support being the 200 EMA near $277.70.

To reach $560.68, BCH would need to break out of its small channel, clear $360.38 and $440.14, with each level needing to hold on close. The chart's arrow path shows pullbacks along the way, making it a multi-step move rather than a quick one.