Riding the wave: Bitcoin Cash breakout above resistance sparks long-term optimism

The price of Bitcoin cash BCH/USDT closed above the previous high of $287 recently and created a strong support level of around $273. The price will likely retrace back to the $273 support level for correction after the recent rally.

The $273 is a good area for a potential long entry as the price has created an imbalance around the same area and it is also a good support level which will likely push the price upward.

I am considering the $273 support level for a potential long entry and my target for this trade is $329 daily supply level. The overall trend is bullish so is my bias on this coin.

Fundamentally, the overall prospects look positive and there are no major high-impact fundamental events that could impact the price substantially.

The price is likely to follow the price action in the absence of major fundamental events.

• The price of BCH/USDT is likely to surge further after retesting the $273 support level.
•  The price is likely to reach the $329 supply level in the coming days.
• Multiple take-profit levels have been added to secure profit along the way.
• The risk-to-reward ratio on this trade is 1:3.
• The entry and stoploss prices have been placed at secure levels with the least probability of getting hit.
• Good luck!

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