The cryptocurrency exhibited an ascending slope and reached past the $254 mark on the 13th of October. The Bitcoin Cash price prediction by Kyer suggests that the coin will test higher resistances and eventually move to $305 next.
1-Day Bitcoin Cash price analysis
Bitcoin Cash was priced at $251.67 US Dollars at the time of writing. The BCH price was observed at a day’s high of $225.04.
Bitcoin Cash price prediction: Move to $305 ahead?
The BCH price appears to have confirmed bottom support near the $213 mark, and now it’s ascending towards the top. The range was defined by Kyer between the $213 and $305 marks.
Bitcoin Cash has been supported by the $213 to $222.5 support structure ever since it fell during the first week of September. The accumulation zone lies above $213, while BCH has been pushing towards the upside from the 7th of October. This means that the cryptocurrency is on its way to test higher resistances. The next target prices for Bitcoin Cash are $246, $252, and $267. The cryptocurrency already met the first two on the 13th of October.
Inverse head and shoulders for BCHUSD
Bitcoin Cash just completed a inverse head and shoulders pattern on the daily time frame. Rocket Bomb believes that coin will shoot up towards the $270 mark soon.
BCHUSD showed a similar inverse head and shoulders in June 2020, after which the cryptocurrency moved past $320.The price is expected to form a similar uptrend on the charts. The Moving Average Convergence Divergence (MACD) line and the signal line appear to be moving upwards while the histogram size is also increasing in the positive region. All of these are bullish indicators for Bitcoin Cash. On the 13th of October, the price moved across the $254 mark and the coin is expected to test the higher resistances soon.
What to expect from the BCH price?
The analyst Duke Dinhd believes that Bitcoin Cash price will soon see an upward breakout of a very big descending triangle. The coin has been trading in this triangle from the start of 2018 when it was priced at its highest in the $3000s.
As all things come to an end, the triangle pattern seems to be concluding as well. An upward breakout here will cause Bitcoin Cash to move into a long-term ascending trade. Per this idea, the cryptocurrency will eventually rise towards the $7000 mark.
What’s next for Bitcoin Cash?
In the chart below we can see Bitcoin Cash reaching the end of a triangle pattern, which exists inside a big channel. The Bitcoin Cash volatility has squeezed in this trade setup and this is expected to result in a massive breakout.
The crypto analyst Maya Hash believes that this will be a make or break point for Bitcoin Cash. The price is held upwards by the lower boundary of the triangle, and the 50-Day Simple Moving Average (SMA) has curved into a relatively straight line than before, which means the price is observing very low volatility.
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