Lokesh Gupta
27-10-2023
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.
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.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
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