Bitcoin Cash (BCH) Price Analysis – Bitcoin Cash Remains Bullish But Breakout is Imminent

That last 7 days price variation has been an interesting momentum for Bitcoin Cash after surging from $206 to $306, amounting to a +50% gains. Meanwhile, BCH was rejected at $306 yesterday and the price has now dropped to $274 (a -5.92% losses). However, we can expect the fourth-largest cryptocurrency to continue bullish if $270 can bolster as support. Otherwise, the value may depreciate soon.

Bitcoin Cash (BCH) Price Analysis: Daily Chart – Bullish

Key resistance levels: $306, $335, $358, $370
Key support levels: $270, $250, $242, $206

Last week, we mentioned the triangle breakout but now Bitcoin Cash is shaping inside a descending channel pattern since mid-July. The October 25 rebound at $206 has made BCH record a weekly high of $306 while trading in a channel boundary. Yesterday, the price was rejected at $306 and now looking for support at $270 which was recently rejected.

BCHUSD, Daily Chart – October 31

A daily close below the $270 would bring us to $250, $242 and 206 support in a couple of days. Today, the RSI 70 was rejected to signal a potential reversal, although the MACD has seen a bullish climb which shows that the buyers lurk around the corner. If $270 area can act as support, we may see a bullish continuation to $335, $358 and $370. However, we need to clear the $306 resistance before considering a further rise.

Bitcoin Cash (BCH) Price Analysis: 4H Chart – Bullish

The 4-hour chart is looking bullish but underway for a bearish move. At the time of writing, Bitcoin Cash is testing the ascending wedge’s support at $270.94 following the last 24-hours low volatility which was characterized by doji candles. Meanwhile, the current bearish candle formation has just signalled a bearish footing. Support is likely at $250-$240 areas once we have a clean wedge break-down.

BCHUSD, 4H Chart – October 31

Surging below grey horizontal support might further turn BCH weak at $220 and $210. While the RSI crosses down the mid-band, the MACD is positive but now oscillating towards the zero levels. Alternatively, we can expect a bounce if the wedge’s lower boundary can support the market. The resistance to watch out for is $290-$306 zones, although further buying target lies at $320. For now, Bitcoin Cash remains bullish but a breakout is imminent!

BCH SELL SIGNAL

Sell Entry: $269
TP: $243 / $212
SL: $310

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