- Bitcoin cash price prediction expects another rise to $325.
- BCH finds strong support at $250, amidst a rising market.
- Bitcoin price is pulling the market into a bearish trend.
The Bitcoin Cash price prediction by Guapeva suggests that the price will eventually return to the $325 resistance. While following the cryptocurrency king, BCH price rose towards the $262.5 mark on the relatively bullish 24-hour trade for the 21st of October.
1-Day Bitcoin Cash price analysis
The currency rose to a day’s high of $263.90. Bitcoin Cash was priced at $260.30 US Dollars at the time of writing.
Bitcoin Cash price prediction: What’s next?
Guapeva believes that BCH is ready to move towards the $325 mark. The technical indicators are expected to move towards the overbought area next.
The trading pair previously tested the 325 resistance on the 16th of August. The price fell below this resistance on the 7th of March when the cryptocurrency observed a major bearish movement and fell to the $140 level. Currently, the price appears to be gradually moving towards the resistance again. The price has formed a wave count, and the last leg will be a bullish pivot leading the price to $325. The take profit for this long-term position is $325. Bitcoin Cash has been in the accumulation area for quite a while, and the wave count will feature a pullback move towards the accumulation zone before the price can see a further uptrend to $325.
The Relative Strength Index (RSI) was marked above 60.00, which means that the technical indicator is in the neutral zone. The RSI index recently fell below 70.23 after seeing a pullback. The technical indicator has seen another bullish divergence, and it may rise towards the overbought zone for the BCHUSD pair. The Stochastic Relative Strength Index (SRSI) is also expected to rise towards the overbought zone.
A huge triangle pattern can be seen on the chart below, highlighted by the Trading View analyst Marc Cee. The analyst believes that the currency will soon break above the triangle pattern and form a similar ascending pattern on the long-term position.
The price has observed a decrease in the price volatility, which means that the BCHUSD pair is close to a breakout towards the upside. The analyst highlighted different buy levels for the cryptocurrency and they believe that Bitcoin Cash will rise towards the $20000 mark in the long-term.
Bitcoin Cash price movement on technical indicators
The Bollinger Bands depict a very low amount of price volatility during the first quarter of the day. The cryptocurrency observed a stronger bullish momentum, and the Bollinger Bands expanded. Closer to the closure time, the price appears to be supported by the midline while it tests the upper Bollinger Band. The Relative Strength Index (RSI) was marked at 55.78, which means the cryptocurrency is neutral. Earlier during the day, the RSI rose past 80.00, which shows that the price was overbought.
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