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BCH Price Prediction – October 4
Following the past ten days of price actions, BCH is consolidating within the channel waiting for a potential breakout.
Resistance levels: $250, $260, $280
Support levels: $190, $180, $170
Bitcoin Cash bulls have been fighting almost a week now to come out of the valley they were pushed into during last week’s declines. Another fall in the price, which started yesterday, is spotted on today’s chart too. From the past few days, the market is forming a pattern where the day begins with either having an uptrend or downtrend, but towards the end, it reverses. The last quarter has started and the hopes are all up.
Looking at the daily chart, BCH/USD price has continued to consolidate itself in a flag formation, waiting for a potential breakout. The daily breakdown shows us that BCH/USD had dropped to $218.60 which is below the moving averages after correcting itself to $222.6 level. If the support gets weak, a price break-down may occur as the bears may find new monthly lows at $190, $180 and $170 support levels.
Furthermore, a bullish step back is likely to roll the market back to $250 resistance with a possible break out of the channel and move towards the $260 and $270 resistance levels, establishing a new monthly high for the market. At the moment, the Relative Strength Index (RSI) indicator has crept out of the oversold zone. A precise bull cross might reveal a buy signal for the market.
Comparing with Bitcoin, the recent sideways movement is due to the price stability in BCH trading which shows that the resistance-support is at equilibrium. Another thing to note here is that the market is preparing to change the trend and a short-term bearish breakout is most likely to play out and it may find the nearest support levels at 0.025BTC and below.
Meanwhile, the only condition for a bullish trend to resurface is if the 0.026BTC level can continue to provide support for the market, then the price can be pushed to the resistance level of 0.029BTC and above. Meanwhile, the BCH/BTC pair continues to remain in a downward range while the stochastic RSI is creeping out of the oversold condition.
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