The Bitcoin Cash price line moved towards the $220 support after it fell on the 13th of September. Brandon Gallegos is a Trading View analyst who is of the opinion that BCH price will rise towards $450.
1-Day Bitcoin Cash price analysis
The price line approached the day’s high of $234.21 during the first six hours on the 13th of September. By the evening, the cryptocurrency had hit the day’s low at $219.59. By that time, Bitcoin Cash appeared slightly oversold on 1-day chart as the Relative Strength Index (RSI) had fallen below 30.00. The currency closed the day’s trade at $221.94.
On the 14th of September, the price line rose past the $224 mark. At the time of writing, the cryptocurrency is priced at $222.81 US Dollars. The 20-Day Exponential Moving Average (20EMA) can be observed at $223.20, whereas the 50-Day Moving Average (50MA) stands at $223.34.
Bitcoin Cash moves to $225
Trading View analyst BitcornBen believed that the BCHUSD pair will approach a target price near the $225 mark. The analyst drew the technical analysis on the 1-hour chart for the BCHUSD trading pair.
The cryptocurrency had previously tested the $235 resistance on the 13th of September, after that it drastically fell towards the $223 mark. The cryptocurrency depicted bullish divergences on the 1-hour chart while moving over the $220.5 support level. The stop-loss for this trade was shown at $188. The take profit zone was highlighted between the $223 and $225 price levels, where traders were advised by the analyst to make profit.
Will Bitcoin Cash rise past $630?
Another Trading View analyst Naif believes that the BCH price will break above the ascending triangle pattern and enter a rising wedge. The key resistance level for the trade was marked at $630. Per the analyst, if the trade comes into play the price line will rise with a 500% increase.
The BCH price observed a 500% decrease in its price in December 2018, after which it entered an ascending triangle pattern. The analyst highlighted the target values at $630, $940, $1756, and $2950. Per the analyst, if these target prices are met, the cryptocurrency will continue to rise towards the $1800 mark in a long-term pattern. This technical analysis was sketched over 1-week chart for the BCHUSD trading pair.
What’s next for Bitcoin Cash price?
The Trading View analyst Brandon Gallegos believes that the BCH price will rise towards the $450 level soon. The analyst stated that Bitcoin Cash has been building up a bullish momentum for the past few months and is likely to get into a big move soon.
Per the chart above, the cryptocurrency has touched the ascending support thrice. The support rests near the $225 level and now the cryptocurrency may bounce off the support level after completing its third contact.Disclaimer. All writers' opinions are their own and do not constitute financial advice in any way whatsoever. Cryptopolitan strongly recommends that you perform your own independent research and/or speak with a qualified professional before making any investment decision.