Bitcoin experiences a robust bounce as the year concludes, triggering a rally in related cryptocurrencies like BSV and Bitcoin Cash.Bitcoin Cash, in particular, demonstrates a strong overnight rally, breaching the $250 psychological barrier in support of Bitcoin surpassing the $43,000 mark.Showing signs of a swift recovery, Bitcoin Cash breaks above the overhead resistance trendline, hinting at an accelerated rally towards the psychological milestone of $300.
According to Coingabbar Price Analysis, Bitcoin Cash initiates a bounce from the 23.60% trend-based Fibonacci level, signaling a potential end to the hibernation phase in the sideways trend.The formation of a double bottom at the 23.60% level, coupled with multiple lower price rejections, creates an entry opportunity for sideline traders as buyers gain momentum.A significant overnight jump of 15% in BCH price results in the fracturing of the resistance trendline, indicating a triangle breakout in the price analysis.The uptrend gains strength as it breaks the 38.20% Fibonacci level, hinting at the potential for a new high-momentum rally.In tandem with Bitcoin's 7.30% rise in the last 24 hours, Bitcoin Cash price surpasses the $265 barrier, marking a substantial increase.The BCH price, in a new breakout rally, sets its sights on a bull run beyond $300, reflecting positive market sentiment.If the breakout maintains levels above $265, the uptrend has the potential to reach the $350 mark, as per Fibonacci levels.
KEY LEVELS :
RESISTANCE LEVEL : $280-$288
SUPPORT LEVEL : $260-$252
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
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