- Bitcoin Cash’s next support stands at $305 next, analyst claims
- The coin is an inverse head and shoulders pattern against the USD
- The price of BCH is observing low volatility as the 50-day SMA shows
Bitcoin Cash News Today – the digital currency displayed an ascending slope on the charts. It also managed to reach the $254 mark as of Tuesday, October 13. The recent prediction for the price of Bitcoin Cash suggests that the digital asset will test higher resistances. It also shows that the coin will eventually move to the $305 level next.
Bitcoin Cash was trading at $251.67 as of when this report was published. The BCH price was recently seen trading at a 24-hour high point of $225.04. The coins’ price may have confirmed bottom support close to the $213 mark. However, it is now ascending towards the local top. Analysts reportedly defined the price range to fall between the $213 and $305 areas.
BCH is in an Inverse Head and Shoulders Pattern Against the USD
Bitcoin Cash found support at $213 and $222.5. The accumulation zone is above $213. The coin has been pushing upward since October 7. Hence, the crypto is set to test higher resistances. Its next target positions are $246, $252, and $267. BCH already met the first two above on October 13. It just posted an inverse head and shoulders pattern via the daily chart. The analyst Rocket Bomb, expects the coin to shoot up to $270 soon.
The BCH/USD pair showed a similar pattern in June this year after getting to $320. The coins’ price is expected to create a similar pattern on the charts. The MACD line and the signal pattern are moving upwards. The size of the histogram is increasing in the positive area. All of which are bullish indicators for BCH. On October 13, the price got to $254.
What’s the Next Move for Bitcoin Cash?
According to crypto analyst Duke Dinhd, Bitcoin Cash price will see an upward breakout soon from a big descending triangle. BCH price has been trading in this pattern since the beginning of 2018 (at $3000+). The triangle pattern appears to be concluding now. An upward break will cause the coin to enter a long-term ascending position. The crypto will eventually approach the $7000 mark if this plays out.
The daily chart shows that BCH has concluded the triangle pattern. The coins’ volatility has squeezed into this trade setup. This is expected to trigger a massive break. The crypto analyst Maya Hash says that the outcome will make or break BCH. The coin’s price is held above by the lower boundary of the triangle position on the chart. The 50-day SMA has also curved into a straight line. Meaning that the coins’ price is going through low volatility.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.