Over the 14th and the 15th of October, the BCH price observed an overall uptrend where the price moved past the $264 mark. The Bitcoin Cash price prediction by Conotoxia suggests that the cryptocurrency will soon be moving towards the $330 mark.
1-Day Bitcoin Cash price analysis
The cryptocurrency was priced at $261.31 at the time of writing. The coin rose to a day’s high of $265.27 US Dollars over the 24-hour trade.
Bitcoin Cash price prediction: Where is BCH headed?
A descending triangle was formed on the daily time frame for Bitcoin Cash. The price recently broke above the descending triangle and appeared to be moving towards $280.
The Moving Average Convergence Divergence (MACD) line and the signal line have moved towards the positive region. At the same time, the histogram size appears to be increasing in the positive zone as well. This means that the cryptocurrency is supposed to see a bullish trend in the near future. If BCH price settles above the $280 mark to confirm the breakout, the price will see towards a further uptrend.
The analyst Maciej Apbt believes that the BCH price will move short up next and fall towards the $62.44 mark.
The stop-loss order was placed at $305.53. The stop-loss is a preorder that tells traders to sell the given asset when it reaches that particular price point. It usually invalidates a trade idea. The target price for this trade was marked at $62.44. The analyst expects Bitcoin Cash to turn bearish and fall towards $60 as the year progresses towards its end.
Bitcoin Cash price prediction: Rise to $330 next?
A harmonic trading pattern was highlighted on the weekly charts for the BCHUSD trading pair. The cryptocurrency has formed a XABCD pattern, followed by another price correction pattern.
Per the analyst’s prediction regarding BCH price, the cryptocurrency will follow an ascension on its charts once the small price completion pattern is completed. The price is held above the $204 support right now, and it is expected to test the $338 mark soon. A break above this resistance may allow the cryptocurrency to rise towards the $500 mark next.
Bitcoin Cash can be observed ascending on the weekly chart from the 5th of October with two green candles that have increased about $35 in the cryptocurrency’s price. This shows that the coin has picked up on the bulls, and the trade appears to be active.
Is BCHUSD forming a Gartley bearish?
The analyst Compatible Trading System highlighted another harmonic pattern on the 4-hour chart. The pattern formed is a bat pattern, and the cryptocurrency is expected to form a bearish move on the charts.
Looking at the harmonic pattern above, we can see how a bearish Gartley appears to be forming on the time frame. The cryptocurrency should move towards the $248 mark, after which the price is expected to see an uptrend towards $260.
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.