Bitcoin Cash Price Prediction,Support Hold or Fold, Bulls at Crossroad
- On the daily chart, BCH is trading within a Rising Channel pattern
- On the 4-hour chart, BCH is engaged in trading within a triangular pattern with a support near $242
- The daily chart reveals BCH is currently trading within an inverted head and shoulder pattern
Bitcoin Cash needs to maintain a level to initiate a new uptrend
As the market bolsters a reversal rally, Bitcoin Cash makes a push to retake the $250 level and even spikes to $270. However, with October drawing to a close and Bitcoin holding steady above $34,000, this Altcoin loses its steam and slips below the $250 threshold. The Bitcoin Cash trend forms several bearish candles, struggling to maintain the inverted head and shoulder pattern.
Technical Views:
According to Coingabbar Price Analysis, In the 4-hour chart, BCH exhibits a triangular pattern, featuring a sturdy support around the $242 mark. Finding support from the 50-day EMA, BCH's price successfully regains momentum, allowing for the continuation of the established trend. On the daily chart, BCH is trading within both a Rising Channel pattern and an Inverted Head and Shoulder pattern. It's worth noting that any favorable news related to the approval of a Bitcoin Spot ETF can potentially reinvigorate the existing trend and facilitate a breakthrough past the $250 resistance level and rally towards $300.
KEY LEVELS :
RESISTANCE LEVEL : $250-$257
SUPPORT LEVEL : $240-$235
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
