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Bitcoin Cash (BCH) appears to be in the final stages of a higher-degree A-B-C irregular flat correction, labeled as wave (2) on the daily chart. Price recently tested a strong support zone and responded with a sharp rebound, suggesting that corrective pressure may be fading and that wave (2) could already be complete.
BCHUSD Daily Chart
On the 4-hour chart, BCH seems to have completed a five-wave bearish impulse within wave C of the correction. This type of structure often signals downside exhaustion, increasing the probability that a meaningful support level is now in place. A recovery and hold above the 563 level would further strengthen this bullish case.
BCHUSD 4H Chart
For now, however, the recovery is best viewed as a minimum three-wave move, as bullish momentum has not yet been fully confirmed. From a technical perspective, a clear break and acceptance above the 670 area would be required to confirm a broader trend reversal rather than a temporary corrective bounce.
Key Levels to Watch
- Support: Recent wave C lows
- Initial confirmation: Above 563
- Bullish confirmation: Above 670
Until price reclaims the upper resistance zone, BCH may continue to consolidate or recover in a corrective manner. Still, the completed wave structure and sharp rebound from support suggest that downside risk is increasingly limited, making this area technically important for upcoming price action.
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