Veteran trader Peter Brent believes Bitcoin Cash (BCH) is leading the crypto market comeback wave.
He says that with the reduction of margining and false excitement, traders' focus has shifted back to price action and price structure, and BCH is one of the first assets to show its strength.
According to market data,
the price of Bitcoin Cash has increased by 3.66% in the last 24 hours and at the time of writing, BCH is trading at $662.8.
At the same time, the cryptocurrency’s trading volume increased by more than 15% to $667 million, indicating new demand.
Brent has pointed to a bearish wedge pattern on the BCH chart, which usually signals a bullish reversal. The relative strength index (RSI) is also at 64.98, not yet in overbought territory, which reinforces the possibility of a move to $700.
In the short term, holding the $650 support is crucial for the bullish trend to continue. If this level is broken, there is a risk of a correction to the $625–628 range.
However, market sentiment towards BCH is bullish, with investors eyeing the cryptocurrency as one of the frontrunners for the next market move.
