- Bitcoin cash price predictions expect a rise in the price to $266.
- Increased market volatility affecting BCH and other cryptocurrencies.
- BCH finds strong support at the $246 mark.
Bitcoin Cash turned bearish and exhibited a fall of about 7 percent in its price on the 16th of October. The Bitcoin Cash price prediction by Flytheus suggests that the cryptocurrency will soon move towards the $266 level. The price line stabilized near the $250 mark for the rest of the 24-hour trade.
1-Day Bitcoin Cash price analysis
An abrupt fall can be seen in the chart above at the beginning of the 16th of October. The cryptocurrency traded above the $266 mark before the market turned bearish and resulted in a fall. Bitcoin Cash traded at $248.91 at the time of writing.
Bitcoin Cash price prediction: Where is BCH headed?
If we look at the BCH chart below, the coin seems to be forming a set of ascending wave patterns. The horizontal level at $212.38 supports this Bitcoin Cash wave structure.
Two patterns were highlighted on the charts. The first one began on the 6th of October and was completed on the 16th of October when the price hit $265. The secondary pattern will complete when the price observes a correction towards $244, which should then be followed by a price reversal trend that should lead the price across the $275 level, which is also where the target price for this trade lies.
Project Syndicate believes that BCH has recently run into an opportunity to short. The short-selling position for any asset is opened whenever the asset is expected to decrease in value.
The analyst stated that the setup is for an expected price correction, and the target price for Bitcoin Cash is set with 30% gains. This is also a swing trade setup, and the price was expected to hit the $265 mark first. On the 15th of October, the cryptocurrency moved past $260. Now the price is expected to fall towards the $185 mark.
Bitcoin Cash price prediction: Rise to $266 next?
The cryptocurrency was well supported by the $201 mark ever since it fell on the 3rd of September. The price maintained the $201.51 to $240.38 range until the cryptocurrency broke towards the upside on the 13th of October.
Currently, the target price for this trade is $266.44. If Bitcoin Cash forms support above this mark, it will gradually move towards the $280.69 resistance, which will then be followed by $353.13.
An ascending triangle seems to be forming on the weekly time frame for BCH, and the cryptocurrency is expected to test the key resistance level at $630.
The price has been testing this resistance since 2019, and now the price volatility has relatively decreased. This means that the cryptocurrency will eventually break above this key resistance and rise to higher resistances. The analyst highlighted another triangle on top of this one, and it may allow the cryptocurrency to rise towards $2950. A break above the higher resistance of that triangle can allow an uptrend towards $11800.
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