Bitcoin Cash (BCH) shows potential to break through the price barrier of $300, which has not been observed for over 190 days. The asset exhibits promising signs, trading within a short-term corrective pattern and being near the upper boundary of a long-term horizontal resistance zone.

Technical analysis on the weekly timeframe reveals that BCH began to rise after breaking a long-term descending resistance trendline that had been in place for over 600 days. In June, the asset reached a new low, after which it accelerated its growth, reaching a peak of $329. Following a brief decline, Bitcoin Cash bounced off a horizontal support zone and is now aiming to surpass previous highs.

The weekly Relative Strength Index (RSI) shows mixed signals. It is above 50, which is a positive sign, but it can also indicate a potential bearish divergence, hinting at a possible downturn.

On the daily chart, BCH is trading within an ascending parallel channel, which is typically characteristic of corrective movements. Depending on whether the asset breaks above the upper channel boundary or breaks below the lower boundary, one can expect either a 35% increase to the next long-term resistance level at $390 or a 20% decline to the channel support at $230.

It's important to remember that all information is provided for informational purposes only and should not be considered as investment advice.