Range Channel Formation and Potential Support Breakdown

During the previous month, Bitcoin Cash (BCH) has responded to two distinct resistance and support levels depicted on the chart, resulting in the formation of a range channel within the 4-hour time frame. In order for the price to break out of this channel, it is necessary for the daily time frame candles to close above the $120 mark, with robust bullish candles indicating strength. Under these circumstances, an anticipated price increase within the range of $135 to $137.5 becomes plausible. However, a comprehensive analysis of the daily time chart reveals a lack of compelling indications for a significant shift in the prevailing trend.

Consequently, should the support range of $112 to $108 be breached, there is potential for further price depreciation towards the range of $105 to $101. Within this particular support zone, a more substantial market reaction can be anticipated.

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