- Bitcoin Cash price expects to rise to $435 next.
- Strong support is found at the $417 mark.
- Strong resistance is found at the $432 mark.
The Bitcoin Cash price prediction by El Mahdi Majdoub depicts that the Bitcoin Cash price will rise towards the $435 mark next. Per the analyst, the cryptocurrency has recently broken above an important falling trend line, and the price trajectory is currently headed for the next local resistance. On the 2nd of February, the BCH price rose past the $428 mark after bottoming above $404 on the 1st of February.
1-Day Bitcoin Cash price analysis
The cryptocurrency is observed ascending on the charts for the 2nd of February. Bitcoin Cash price stands at $426.56, while the 24-hours high was recorded at $432.09, and the 24-hours low was recorded at $411.02. Currently, the market cap for Bitcoin Cash is at $7,889,599,034 with a 24-hour trading volume of $4,605,887,930. The price seems to have come to rest near the $425 level.
Out of 26 technical indicators, 11 depict a buy signal, nine stand in the neutral zone, and six depict a sell signal. The oscillators depict a neutral standing, with two showing a buy indication, eight in the neutral region and one in the sell zone. The moving averages indicate that the cryptocurrency is in the buying position, with one of these indicators in the neutral region. At the same time, nine are giving a buying signal, and five show a selling signal.
The Bitcoin Cash price is held above the lower Bollinger band while it tests the midline near the $420 to $432 zone on the 1D time frame.
Bitcoin Cash price prediction: What to expect?
In his Bitcoin Cash price prediction, the Trading View analyst El Mahdi Majdoub believes that the cryptocurrency is moving in a long position towards the $435.78 mark. The cryptocurrency triggered a short position near $461 and began forming a falling triangle pattern.
Per the Bitcoin Cash price prediction, the cryptocurrency broke above the triangle pattern, and it currently trades inside a flat channel between $390 to $435. This long signal should allow the cryptocurrency to retest the flat resistance at $435.78, while the stop-loss level was placed at $397.
Trading View analyst Blurry Face Nobody believes that the cryptocurrency is forming a cup and handle pattern. The BCH price is expected to rise across the $640 level in the long-term, and the analyst has suggested Bitcoin Cash traders buy the asset at this point while it trades below $440. For the cup and handle formation to play, the cryptocurrency should cross the $640 level and see a bounce off near this region to form a descending channel. It will then complete the handle if the price breaks above $640. The cup and handle pattern is a bullish indicator.
Analyst Crazy Ghost has predicted for the Bitcoin Cash price to reach the $5000 mark by the end of 2021. Per the Bitcoin Cash price prediction, the cryptocurrency is trading inside a large ascending channel, and the price has dropped to the bottom of the channel at this point. This means that the cryptocurrency may see a bounce towards the upside, pursuing the upper boundary of the main channel.