According to CoinDesk Research’s technical analysis data model: A massive burst toppled $550, but it settled into a tight band as traders wait to see if new support takes hold.
Technical analysis highlights
- History and Results: BCH rose from $540.24 to $554.52 with a 2.6% session gain, establishing a higher low and confirming the uptrend structure.
- Timing of the breakout: The push began during Asian time when the price broke above $547 at 1am UTC. Breakout Candle printed 130,078 units.
- Volume Conditions: During the rally above $550, trades were 328% above average, indicating strong participation behind the breakout.
- Post-move check: The pullback to $553.58 in the last hour tested the area just above the breakout zone.
- Weekly situation (vs. BTC): The model shows that BCH has gained 4.8% on a weekly basis while Bitcoin has declined 1.2% over the same span.
meaning of pattern
- Confirming breakout: The active trading first above $547 and then above $550 indicates that the buyers were not alone, meaning there was depth behind the move.
- Fresh Support Test: The quick drop to $553.58 after the breakout is a normal “check” to see if new buyers defend that level. The line the model is eyeing is $553.50.
- Constructive Structure: Even though the low from $558.25 is in the spotlight, the model’s lows of $528.55 and $534.36 and the uptrend line from October 30 remain intact.
Support and resistance map
- Support (nearest): $553.50 (newly tested).
- Support (breakout retest): $547 (turned from resistance to support).
- Trend reference: The rising line from October 30th is above $534. Previous lows were $534.36 and $528.55.
- Resistance (immediate): $558.25 (previous high).
- Short-term band: $553 to $556 defines the current consolidation box.
Scroll
- Peak Bar: $547 130,078 units at 1 a.m. UTC at time of violation.
- Breakout Participation: +328% compared to running average up to $550.
- After the push: The model shows an increase in activity even on small pullbacks, consistent with active price discovery.
positioning signal
- Option Rates: This model highlights the rise in call rates at the $560 and $575 strikes in November, consistent with traders mapping upside checkpoints (this is a positioning collar, not a prediction).
risk framing
- If support holds: The previous high of $558.25 is the immediate test (about 0.9% from the session settlement quoted in the model).
- If support fails: A loss of $553.50 could lead to a retest of $547 (the breakout level is currently considered support).
- Stop Zone Reference: The model flags $534.36 and below as a logical line of risk control within an uptrend structure.
CoinDesk 5 Index (CD5) Context
- CD5 Window: October 30, 3:00 PM UTC to October 31, 2:00 PM UTC — CD5 rose 1.43% to $1,920.74, with a daily range of 4.34% and positive price discovery across the majors.
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial team to ensure accuracy and compliance. our standards. For more information, see CoinDesk’s complete AI policy.