- Bitcoin Cash price prediction expects a rise towards $425.
- Strong resistance lies at the $410 mark.
- Strong support lies at the $360 mark.
The Bitcoin Cash price prediction by Sunny Hill Capital suggests that the BCHUSD pair will see a continued uptrend after the confirmation of the breakout of the up-channel. The altcoin has risen above the $400 level on the 3rd of January while following Bitcoin as it rose up with an exciting bullish move just after entering the new year.
1-Day Bitcoin Cash price analysis
Bitcoin Cash is one of the altcoins that have been soaring up alongside Bitcoin BTC as it reached another all-time high on the 3rd of January. The cryptocurrency king reached the $34800 mark on the third day of the new year, while it broke past the long-awaited $30000 level on the 2nd of January. Bitcoin Cash (BCH), along with some of the other leading altcoins has been following Bitcoin’s uptrend. At the time of writing, the crypto asset was priced at $411.94. The highest price reached the BCH on the 3rd of January was $411.94.
As for the technicals, most of the oscillators show are signaling a neutral trend while they lean a bit towards the buying side. The Moving Averages are at a stronger buying position as sixteen out of the seventeen Moving Averages signal a buying condition for the cryptocurrency.
The Moving Average Convergence Divergence (MACD) line and the signal line are moving up on the 1D time frame while the histogram size is also increasing in the positive region. This means that the cryptocurrency has a major bullish bias.
The Relative Strength Index (RSI) was at 72.30 at writing time, which is the overbought region. The trade volume appears to be high for the BCHUSD trading pair. The upper Bollinger band is being tested by the cryptocurrency with the midline as support, which also indicates an uptrend on the 1D time frame.
Bitcoin Cash price prediction: What’s next?
The Trading View analyst Sunny Hill Capital sketched a big up-channel that the BCHUSD pair has been following from September 2020, and the cryptocurrency has tested its top twice in Q4 2020.
In the first quarter of the up-channel, the price traveled out of an ascending wedge pattern and the cryptocurrency majorly observed sideways movements closer to the lower boundary of the main channel. In the third week of November when the crypto market surged, the price observed an abrupt increase to the upper boundary of the channel.
The cryptocurrency was expected to hit the top of the channel again. On the 3rd of January, the cryptocurrency made its way across the upper boundary of the ascending channel. The stop-loss order was marked at $330.26 in this Bitcoin Cash price prediction, while the final target price was at the $409.87 level. The cryptocurrency moved past this target price and reached the $417 level during the 24-hour trade.
Per the Bitcoin Cash price prediction, the upper two targets lie at $442 and $482, both of which are above the up-channel. The cryptocurrency might see some correction after moving above the channel, but if the crypto market remains steady and bullish then the price is expected to increase more for the altcoin.