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

BCH Holds Support At $204 As Price Volatility Shaky

Bitcoin Cash (BCH) Price Analysis – October 11

Since the beginning of the month, the price of Bitcoin Cash has been stuck in a consolidation circle as a result of late September massive sell, although the market has been bullish on the lower time frame. On October 9, BCH price touched $241 and has now dropped to $227 following the last 24-hours loss of -2.88%. To see a decent price movement, BCH needs to move out of its current consolidation circle as bearish continuation is more likely to continue.

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

Key resistance levels: $241, $251, $266, $280
Key support levels: $219, $204, $188, $173

Since BCH broke-out of the triangle formation in late September, the market has been subdued with choppy price actions due to the ongoing indecisiveness on the daily chart. Meanwhile, trading volatility has been low over the past few days. If the buyers push price up, we can expect close resistance at $241 and $250. Above this resistance lies $268 and $280.

BCHUSD, Daily Chart – October 11

Considering the last 24-hours price drop, BCH may slip back to $219 and $204 support before creating a new low $188 and $173. As we can see, the RSI is now showing recovery but may likely face resistance at the mid-band. Now, the crypto trading signals an overbought market on the Stochastic RSI – the price is likely to fall if the price drops under the 80 level.

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

Bitcoin Cash is shaping in an ascending channel on the 4-hour chart, presenting a bullish formation. After making a double-top formation at around $241 resistance, the price is currently falling towards the channel’s support at $222. Once the price tests the mentioned support, a sharp bounce off is likely to occur.

BCHUSD, 4H Chart – October 11

Looking at the RSI, the BCH market is shooting in a downward direction to signal the ongoing selling pressure in the market. It may become heavy if the market drives beneath the channel, testing $216 and $208 support. However, the crypto trading signals a potential buy on the Stochastic RSI as a positive climb may allow buying pressure to $232, $241 and above. As of now, BCH is bullish on a short-term.

BCH SELL SIGNAL

Sell Entry: $229
TP: $222
SL: $235