EDX Markets, supported by Fidelity and Charles Schwab, is known as the trillion-dollar giants’ crypto platform. These companies, which manage trillions of dollars in assets, have taken significant steps with the assumption that cryptocurrency will make even more headlines in the future. EDX Markets is also among the biggest moves with its Spot ETF applications. Moreover, this exchange supports only 4 cryptocurrencies, including BCH.
Bitcoin Cash (BCH) Review
BCH Coin, one of the few options on the trillion-dollar giants’ crypto platform, has received a lot of attention this year. In fact, the main reason for the BCH Coin price to reach an all-time high on an annual basis was this. Although the excitement has diminished and the overall market sentiment has turned negative, the price continues to hold the critical support zone. Moreover, with the increase in BTC price, the expectation of a strong rally has strengthened.
Bitcoin Cash (BCH) price has been rising since August 17 and has emerged from a corrective formation during this period. Although the readings on the weekly chart are still uncertain, the setup on the daily chart indicates that the rise could continue until a new yearly high.
In January, we saw that the price broke free from the long-standing declining resistance line that had been in place for 623 days. After this breakout on the weekly chart, the price struggled to maintain its upward momentum. It experienced a significant increase until June and reached the 2023 peak at $329. However, the $300 region then solidified as a resistance.
BCH Coin Rally Target
The reading on the daily chart indicates a rise due to Elliot Wave count. Analysts often use wave counting to predict long-term price movements accurately. These make it easier to predict the gradual movements of the price as long as certain critical levels are respected. The wave count shows that BCH has started its fifth and final wave of upward movement after bouncing from the 0.618 Fib retracement support level at $180 on August 17.
If the wave count is correct and the price follows this route, we can see a new high for 2023 between $375 and $425. This expectation is supported by a breakout from a descending parallel channel that includes fourth wave movements. However, despite all these upward expectations, closes below $150 can invalidate the rally expectation.
