Bitcoin Cash (BCH) is only down less than 1% in the past week and is down just 1.25% in the past month. It underperformed Bitcoin (BTC), which is up 7.5% in a week and just over 1% in 30 days.
This relative weakness of Bitcoin Cash indicates a lack of market belief, but on the surface it seems harmless.
But April’s price action was illuminating. In the war between bulls and bears, one side was clearly winning.
Spoiler alert, this isn’t Bitcoin Cash bulls
Since February 2024, Bitcoin Cash It is trading in the $272 to $685 range (purple). The altcoin has tried and failed to reach range highs three times since December 2024.
In 2025, the mid-level support at $478 has acted as support many times. It was tested as resistance last month. failure to exceed this level It was confirmed that the bears remained in control during the crypto rally in mid-March.
The $443 low from the October crash was being retested as resistance at the time of writing. There will likely be further price losses in the coming months.
Long-term investors can wait for BCH to fall below $300 to buy.
Investors’ call to action: Is now the time to sell?
A downward trending structure is seen on the 4-hour chart. The short-term range between $448 and $484 was breached at the beginning of April. December lows were being retested as resistance at the time of writing.
Additionally, a series of Fibonacci retracement levels (blue) were drawn using the downward swing movement of H4.
The 50% level of $449.2 was tested and the price started to decline from there.
There is a possibility that the current rise can go up to $455-465.
However, the direction of the trend was bearish and Bitcoin Cash investors should prepare for a price drop in the coming weeks.
Fibonacci extension levels showed that the next downtrend price targets are $406 and $385.
Final Summary
- Short- and long-term range patterns showed that key levels had been breached and warned of further bearish price action.
- The next BCH price targets are $306 and $385, but there were chances of a bounce to $455-465 before such a decline.
