Bitcoin Cash Price Prediction for Today, October 16: BCH/USD Bulls Could Eye $120 Resistance

The Bitcoin Cash price prediction may lack short-term, but if the price rises, the coin is likely to create more gains above the channel.

Bitcoin Cash Prediction Statistics Data:

• Bitcoin Cash price now – $109.9
• Bitcoin Cash market cap – $2.1 billion
• Bitcoin Cash circulating supply – 19.2 billion
• Bitcoin Cash total supply – 19.2 billion
• Bitcoin Cash Coinmarketcap ranking – #31

BCH/USD Market

Key Levels:

Resistance levels: $130, $135, $140

Support levels: $95, $90, $85

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BCH/USD is currently trading around the $109.9 level, aiming to cross above the 9-day and 21-day moving averages. In the range of the descending channel, the closest support could be located at $100 while a close resistance could be found at $120. Meanwhile, if the market increases, additional resistance can be found above the upper boundary of the channel.

Bitcoin Cash Price Prediction: Bitcoin Cash Ready to Push the Upside

According to the daily chart, the Bitcoin Cash price may create more bullish trends once the coin crosses above the 9-day and 21-day moving averages, and this is noticeable for the technical indicator Relative Strength Index (14) as the signal line crosses above the 40-level.

At the moment, the market is trading at $109 below the moving averages, but any bearish movement below the daily low of $107 could lead the coin to a serious downtrend. However, the support levels could be located at $95, $90, and $85, while the resistance levels lie at $130, $135, and $140 respectively.

Against Bitcoin, the BCH price is likely to cross above the 9-day and 21-day moving averages as the nearest support level is located around 550 SAT. However, if the coin moves to the upside, the nearest resistance is set at 600 SAT. Technically, the price may follow the bullish movement as the technical indicator Relative Strength Index (14) crosses above the 40-level.

However, if the Bitcoin Cash price crosses below the lower boundary of the channel, BCH/BTC may hit the support level of 500 SAT and below. On the contrary, any bullish movement towards the upper boundary of the channel may allow the market to form a new upward trend, and this could reach the potential resistance at 650 SAT and above.