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Sohrab Khawas
Sohrab Khawas
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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.
- Nov 08, 2023 07:29 UTC
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BCH Price Analysis: Can BCH Speed Up Recovery To Cross $300?
Following the failed $255 breakout attempt, BCH price slides down to the 50-day EMA.
With aggressive buyers dominating the 50-day EMA, Bitcoin Cash prices form a cup and handle pattern.
If a bullish reversal occurs, the BCH price can successfully cross the $255 mark.
Following the failed attempt of an inverted head and shoulder breakout, the BCH price continues down the lateral path. Consolidating at the time of market recovery as Bitcoin reaches $35K, the altcoin struggles to cash in the high sentiments of investors.
Nevertheless, the dynamic support of the 50-day EMA keeps the prices above $225 and teases a recovery shortly. Therefore, the BCH price prediction teases a potential reversal rally, crossing $300 in 2023.
Despite the dynamic support of the 200-day and 50-day EMA from time to time in the last few months, the BCH price remains under $255. Following the fake breakout of the $250 resistance zone, the Bitcoin Cash price trend loses momentum.
With a minimal 5% growth in the Uptober season, the altcoin remains on a sideways track, but buyers remain dominant at $225. Moreover, the price action displays a falling channel as the correction phase approaches the 50-day EMA.
Nevertheless, the overlap trend teases a cup and handle pattern, and the bounce back from the average line hints at a breakout shortly.
Taking a slightly wider look, the BCH price action forms an ascending triangle pattern with the overhead resistance at the $250 supply zone. Forming higher low formations, the uptrend teases a new upcycle and high possibility of a bullish breakout.
Technical indicators:
Stochastic RSI: The K and D lines in the stochastic RSI indicator show a bullish turnaround from the oversold zone. Thus, the indicator shows a potential upcycle ready to challenge the $255 resistance zone.
EMA: The crucial 50-day and 200-day EMAs continue to track the positive path and provide dynamic support to Bitcoin Cash.
Will BCH Price Reach $300?
With high hopes for a Bitcoin Spot ETF surrounding the crypto market, the Bitcoin price skyrockets. However, the BCH price seems a bit slow to pick up the momentum and might need a breakout signal to unleash the trend.
Therefore, if the BCH price exceeds $250, the breakout rally can reach $300. On the opposite end, the 50-day EMA breakdown will plunge the prices to $200.
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