BCH Price Prediction – October 24
Bitcoin Cash (BCH) is defiantly positive as the bulls push its value to 2.07% higher.
Resistance levels: $295, $300, $305
Support levels: $255, $250, $245
BCH/USD is currently pushing the market price above the crucial resistance level of $270. The coin is trading above $275 and touched the daily high of $278.83. The coin is now focusing on the bullish momentum after a sustainable break above an important technical level. More so, the coin has gained over 2.0% since the beginning of the day as it is using $265 support as a jumping-off ground to develop the upside momentum, which is now gaining traction.
What to Expect from Bitcoin Cash (BCH)
On the upside, if BCH/USD crosses above the upper boundary of the channel, the price may break through the resistance level of $280 respectively. Meanwhile, the technical indicator shows that the bulls are ready for action especially when the up-trending RSI (14) is about to enter into the overbought region. Any further bullish movement above the channel may pave the way for the resistance levels of $295, $300, and 305.
In other words, if the price falls below the $265 level, the market may be compelled either to a range-bound or begin a downward movement. Meanwhile, the bearish movement may likely serve as a major blow for the market sentiments as traders could interpret it as a sign of underlying weakness. The next important support may come at $260, which may be followed by $255, $250, and $245 support levels.
Against BTC, the coin crosses above the 9-day and 21-day moving averages today to touch the resistance level of 2143 SAT. However, Bitcoin cash is now bringing a bullish rally, the price may likely hit the potential resistance at 2200 SAT and 2250 SAT if pressure rises. In fact, the technical indicator is also RSI (14) moving above the 45-level, suggesting more bullish signals.
However, looking at the daily chart, it can be seen that the bulls have regained control of the market. But before the positive climb continues, BCH is likely to retrace to the break level around 2100 SAT where it may consolidate. However, should BCH/BTC drops below this consolidation area, the price could find critical supports at 2000 SAT and below.