- Bitcoin Cash price prediction expects a rise to $640.
- Strong resistance lies at the $505 mark.
- Strong support lies at the $470 mark.
The Bitcoin Cash price prediction by Master Shark suggests an upward breakout of a triangle pattern. The analyst believes that the cryptocurrency is set for a long-term move past the $640 mark. On the 18th of January, the BCH price moved above the $500 mark before a return to the $492 mark.
1-Day Bitcoin Cash price analysis
Bitcoin Cash stands at $497.57 at the time of writing. The highest price for the cryptocurrency in the past 24 hours was recorded at $509.52, while the price dropped to a low of $469.16 on the 18th of January. The BCH price suffered fluctuations between $472 and $492 before crossing the $500 mark.
15 technicals show a buy indication while nine are neutral and four are giving out a sell signal. Out of the 11 oscillators, we see two at the selling point, one at the buy position, and eight at the neutral indication. Out of the 17 moving averages, 14 favor a buy signal while one is neutral and two are at the sell indication.
Bitcoin Cash is testing the Bollinger bands midline and this is being tested on the 1D time frame. An increase can be observed in the expansion, which depicts an increase in price volatility. The cryptocurrency should see sideways movement on the short time frames for now.
Bitcoin Cash price prediction: What to expect?
Trading View analyst Master Shark’s Bitcoin Cash price predicts the breakout of a long triangle pattern. The analyst expects the price to move across the $637 mark.
The cryptocurrency moved above the triangle pattern in December 2020, with a retest of the broken trend line. The trade volume continuously increased since the Q3 of 2020. The Bitcoin Cash price prediction suggests a push towards the $637 level right after the price moves past this short accumulation zone above the broken trend line. The next targets for the cryptocurrency will lie at $666, $942, and then $1771 in the long-term. If it comes into play, this idea will result in a good payday for Bitcoin Cash hodlers.
Analyst Boss Mode Trader highlighted a breakout from the descending triangle pattern as well. The analyst expects the price to move above the $511 resistance, following a brief price correction and then a long run towards the $647 mark. The Bitcoin Cash price prediction puts the cryptocurrency in a big ascending channel, with a long-term target at the main channel’s top.
Analyst Hyper Boy has also come up with a triangle pattern on the BCH/USD charts. The analyst marked the breakout of the triangle formation in this Bitcoin Cash price prediction, and they expect a target price of $646 following the breakout in the long-term. Hyper Boy suggests traders continue hodling on the BCHUSD pair for 2021. The stop-loss for the trade setup is placed short of the $400 mark.
The Trading View analyst De GRAM believes that the BCH price will rise above the $560 level after bouncing off the bottom of an up-channel. The price currently rides the lower boundary of the ascending channel in this Bitcoin Cash price prediction.