Bitcoin Cash (BCH) Price Prediction: BCH Climbs 10% - What's Behind the Move?

Bitcoin Cash (BCH) Price Prediction: BCH Climbs 10% – What’s Behind the Move?

Updated: 28 September 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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Bitcoin Cash (BCH) has maintained its upward trajectory this week, with its price surging to $235, reflecting a 0.2% increase in the past 24 hours as of 11:09 a.m. EST.

Additionally, BCH has experienced a significant surge in trading activity within the last 24 hours, with its trading volume reaching $433 million, marking a 43% increase.

BCH Price Breaks Above Bullish Pennant

BCH/USD Chart Analysis. Source: Tradingview.com — BCHUSD Chart Analysis. Source: Tradingview.com

BCH/USD indicates a downward trend, pushing its value to a critical support level of $180. This support level has proven its strength through bearish attempts to push the price below it.

This support level also acts as a springboard, giving the bulls the hind wings to raise prices.

Furthermore, the price has broken above the bullish pennant, confirming the bullish momentum. The bulls are taking charge, breaking out of the falling wedge pattern.

Adding to the bullish outlook sentiment is the analysis of the 50-day and 200-day simple day-moving averages, which reveal a significant SMA crossover at $121.

Despite encountering resistance, these moving averages are still upholding a bullish sentiment. Both 50-day and 200-day moving averages are trading below the price at $204 and $176. The 200-day moving average has played a crucial role in offering support for the BCH price, providing a solid foundation for the bulls.

Furthermore, the 50-day moving average trades below the price, confirming the bullish momentum, surpassing the $235 mark, and targeting the previous resistance at $335.

The relative strength index (RSI) has rebounded from its neutral position of 50, trending at 67 upwards and inching closer to the overbought region of 70.

This indicates intense buying pressure, raising the possibility of the RSI entering overbought territory.

BCH is bullish, confirming this sentiment as candlesticks trade above the 50-day SMA. Key levels to watch are $255 and $335, respectively.

Conversely, if the $230 resistance level remains resilient, the bears might seize this opportunity and drive the price to the 50-day SMA at $205, where the bulls will regroup to push the price higher aggressively.

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