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Sohrab Khawas
Sohrab Khawas
Author
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Oct 17, 2023 06:45 UTC
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BCH Price Analysis: Will BCH Cross Sellers Mark At $250?
BCH price action projects a potential turnaround to crack above the $250 mark.
The BCH price reverts from the 50-day EMA, reflecting demand at lower levels.
With the $250 breakout, the BCH price will exceed the psychological mark of $300.
Sustaining a remarkable, bullish trend in 2023, the BCH price displays a remarkable growth of 135% year-to-date growth. With the ongoing Uptober season and the Blackrock ETF under review, the sentiments are on the verge of sparking a new hopium rally.
The recovery rally increases the possibility of a breakout rally for Bitcoin Cash and the BCH price prediction of reaching $300 in 2023.
The recent pullback from the $300 level leads to a sharp correction to the $180 support zone. Nevertheless, with the high volatility in September, the buyers were able to ride the volatility to give a bullish breakout and challenge the $250 mark.
In the larger picture, the Bitcoin cash price action displays a positive bullish pattern that may soon cross the $300 mark. The bullish pattern is an inverted head-and-shoulder pattern with a neckline at the $250 resistance zone.
Currently, the price action is forming the right shoulder of this pattern as it takes support from the 50-day EMA. The recent 7.29% growth last night leads to a bullish engulfing candle and completes a rounding bottom reversal, increasing the likelihood of a prolonged uptrend.
Technical indicators:
MACD indicator: The MACD indicator displays a positive crossover on the verge as the MACD and signal lines converge. Therefore, the momentum indicators give a positive signal.
EMA: The positive trend in the 50 and 200-day EMA certifies the ongoing bull run in BCH price. Moreover, the rising EMAs provide a dynamic cushion to absorb any sharp selling spree.
Will Bitcoin Cash (BCH) Price Crash Under $180?
As the overall market sentiments improve, the possibility of a bullish pattern breakout is increasing rapidly. The overhead resistance breakout of $250 will mark an entry point for sideline traders. The breakout rally is expected to cross the $300 mark and reach the $329 high.
Conversely, a failure to sustain above the 50-day EMA will plunge the market value to the $180 support zone.
Yes 
No 
