Despite the sharp correction of the BCH in May 2021, which affected each cryptocurrency, the growth trend continues. From December 2018, buyers will carefully keep the BCH price, not allowing sellers to update global lows. In the weekly timeframe, we see that December 2018, March 2020, and May 2021 were serious tests of buyers' strength.

<img src="https://s3.tradingview.com/snapshots/x/xWdts7wd.png" alt="TradingView Chart Snapshot" />
<a href="https://www.tradingview.com/x/xWdts7wd/">https://www.tradingview.com/x/xWdts7wd/</a>
<h2>The Critical Point for the Global BCH Growth Trend Is $450-$500</h2>
However, the period from May to August 2021 was a special period of trial. The sellers tried to take control of the most important liquidity range of $450-$500. The fact is that the BCH price since June 2019 has been moving in a <a href="https://www.cryptoknowmics.com/news/bch-could-face-51-attack-with-80-hash-power-decline/">global consolidation</a>, the upper limit of which was in the range of $450-$500. After fixing the price above this range in March 2021, investors saw a powerful growth wave with a final target of $1640. Keeping this range in the global timeframe may indicate serious plans for buyers to continue the global growth wave with the first target of $2340. The main question is whether buyers have gained a large enough position to start such strong growth?

As we can see in the BCH weekly timeframe, the last 3 growth candles were formed at average volumes. Though, each subsequent weekly candle was closed at higher volumes. Last week's candle closed not very confidently, creating a false breakout of the local level of $550. This fact increases the probability of a <a href="https://www.cryptoknowmics.com/news/bch-technical-analysis-price-above-the-fibonacci-pivot-point-of-49352may-cross-50230/">retest scenario</a> in the range of $450-$500. During this test, it is important for buyers not to allow the price to update the previous low.
<h2>Bitcoin Cash Technical Analysis on a Daily Timeframe</h2>
Gradually moving to the daily timeframe, we see that sellers on Sunday managed to "absorb" the previous daily candle of buyers.

<img class="alignnone" src="https://s3.tradingview.com/snapshots/z/znAP8hIA.png" alt="BCH" width="1380" height="809" />
<a href="https://www.tradingview.com/x/znAP8hIA/">https://www.tradingview.com/x/znAP8hIA/</a>

Nevertheless, above the global range of $450-$500, a local liquidity zone of $517-526 has formed. It may well withstand a weak attack of sellers. The range of $517-$526 has proven reliable since 30 July. Therefore, seeing the growth of volumes in this range and price slow down, we can expect to complete the local correction of BCH.

Analyzing the price charts of BCHBTC, we see that the price has reached a critical point, below which it will be dangerous to keep BCH:

<img src="https://s3.tradingview.com/snapshots/0/0iEP0xuj.png" alt="TradingView Chart Snapshot" />
<a href="https://www.tradingview.com/x/0iEP0xuj/">https://www.tradingview.com/x/0iEP0xuj/</a>

It is in the range of 0.0116-0.013 that buyers began to slow down the price in January 2021, as evidenced by increased trading volumes. Given that the current local fall wave occurs at low volumes, the likelihood of maintaining this range is very high. Therefore, the main growth scenario in the BCH market remains valid. Keeping the range of $517-$526, we will expect the first local target of $720-$760 and the global target of $2340.

BCH Technical Analysis: The Next Global Target Is $2340

The fact is that the BCH price since June 2019 has been moving in a global consolidation, the upper limit of which was in the range of $450-$500.

Peter came to know about cryptocurrencies in 2017 and was instantly enamoured by their massive potential. As he gained more insights about the crypto market, he began writing about it. Peter's daily activity is analysis and forecasting, studying the price movements probabilities, and trying to understand the market inside. He is glad to witness such a phenomenon as cryptocurrency and decentralized finance, and to participate in it.

BCH Technical Analysis: The Next Global Target Is $2340

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