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Bitcoin Cash Price Prediction: BCH/USD Reclaims $266 Resistance Level; Ready for Higher Ground?

BCH Price Prediction – October 31

Bitcoin Cash shows an amazing intraday hike as it rises from today’s low of $259 to touch the daily high at $266.

BCH/USD Market

Key Levels:

Resistance levels: $285, $295, $305

Support levels: $245, $235, $225

BCHUSD – Daily Chart

BCH/USD is currently trading within the 9-day and 21-day moving averages. The coin is hovering at $263.37 after touching the daily at $266.33. However, the coin is seen focusing on the bullish momentum after a sustainable break above the 9-day moving average. More so, the coin gains 0.46% within 24 hours as it is using $258 support as a jumping-off ground to develop the upside momentum, which is now gaining traction.

Where is BCH Price Going Next?

On the upside, if BCH/USD stays above the 9-day and 21-day moving averages, the market price may likely break-through another resistance at $270 and $280 respectively. Meanwhile, the technical indicator may show that the bulls are ready for action especially if the RSI (14) crosses above the 60-level. Any further bullish movement may pave the way to the resistance levels of $285, $295, and 305.

On the other hand, if the price falls below the 9-day moving average, the market may be compelled either to a range-bound or begin a downward movement. This could serve as a major blow for the market sentiments as traders may interpret it as a sign of underlying weakness. The next available support may come at $250, which could be followed by $245, $235, and $225 support levels.

Again Bitcoin, the Bitcoin Cash is facing the south as the sellers are gaining the market as the price is trading under the 9-day and 21-day moving averages falling towards the lower boundary of the channel while the RSI (14) moves below the 40-level.

BCHBTC – Daily Chart

However, the downtrend is seen as giving the sellers more power to increase their entries. More so, if the bears succeeded in breaking below the channel, BCH/BTC may likely fall to the support level of 0.1750 BTC and below. Meanwhile, a rebound could push the price above the moving averages and increase it to the resistance level of 0.0250 BTC and above.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.