- Bitcoin cash price prediction expects a rise to $340.
- BCH finds strong support at
The Bitcoin Cash price prediction by Zil suggests that the cryptocurrency will soon rise towards the $341 mark, after breaking above a descending triangle pattern. The BCH price line observed jagged movements during the day.
1-Day Bitcoin Cash price analysis
The cryptocurrency traded within the $264 to $276 range on the 23rd of October. The price approached a day’s high of $276.21 and fell to a day’s low of $264.17 during the 24-hour trade.
Bitcoin Cash price prediction: Where is BCH headed?
Bitcoin Cash has formed a huge triangle pattern on the weekly chart. The Trading View analyst Hossein Mansouri believes that the cryptocurrency is close to seeing an upward breakout, and that may lead the cryptocurrency to greater highs.
The Relative Strength Index (RSI) was recorded near 55.00. The technical indicator appears to be heading upwards, and the cryptocurrency’s trade volume and price volatility have decreased greatly. This usually indicates an upcoming breakout. A break about the falling trendline will be followed by a retest of the broken trend, per the analyst’s idea.
If we look at the chart above, the price has been supported by a continuous ascending trendline from the end of 2018. This big pattern began forming by the end of 2017 when the cryptocurrency began its long-lasting descent.
The Trading View analyst Zil drew another descending triangle on the daily time frame for the BCHUSD trading pair. The price appears to be testing the falling resistance near the $270 mark.
Per the analyst, the crypto will soon break out of the triangle and move towards the $341.48 sell to take a profit mark. The stop-loss order was placed at $241.55. This means that if the price retests the then broken trend line and falls towards the stop-loss, then this order will be invalidated, and the traders are suggested to sell the asset at that point.
Bitcoin Cash to break above falling trendline
The Trading View analyst Yoma sketched a long descending trend line for BCHUSD on the weekly chart. The price appears to be testing the falling resistance now.
The falling trend line started back in January 2020. If BCH gains enough momentum to break above the descending trendline, the price is expected to rise towards the $375 mark, and then the $452 take profit.
The Moving Average Convergence Divergence (MACD) line has moved below the signal line; the histogram size appears to be decreasing in the negative region. The Relative Strength Index (RSI) closed at 60.04, the neutral region for the currency. Near 5:15 GMT, the RSI rose to a day’s high above 87.00. During the time, the coin was overbought. The lower Bollinger Band supported the price near writing, while the midline acts as the support.
Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
