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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.
- Oct 03, 2023 05:55 UTC
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BCH Price Analysis: BCH Eyes $300 Despite A Bear Trap!
BCH price action crosses $250, but the overhead supply triggers a pullback phase.
The BCH price action displays an inverted head and shoulder pattern.
Upon sustaining above $250, the Bitcoin Cash price can reach $300.
With the market taking a bullish step in October, the altcoins are rising higher to their previous swing highs. Even the BCH price reaches the $250 mark with a remarkable growth of 10% within just two days.
Currently, the overhead supply pressure at the psychological mark triggers a short correction in the Bitcoin Cash market value . However, with the sentiments taking a positive turn, the expectations for the Bitcoin Cash price prediction in 2023 remain optimistic.
With the recent recovery, the larger trend of the BCH price tells a story of a bullish revival to rise higher. The dominating buyers’ territory at $180 and the 200-day EMA gave Bitcoin Cash a bounce pad to regain momentum.
Moreover, the sharp rise to the $250 mark completes a rounding reversal that hints at an inverted head and shoulder. Currently, the altcoin price trades at $243.41 with an intraday fall of 1.23% and hints at a tweezer top.
With the incoming overhead supply pressure, the chances of BCH price taking a second dip to the $228 mark are increasing. This correction phase will complete the bullish pattern with the neckline at $250.
Technical indicators:
Coming to the technical indicators, the Directional Movement Index and the Exponential Moving Averages sustain a bullish point of view.
DMI indicator: The ADX line (black line) skyrockets with the recent recovery, signaling a strong momentum. Moreover, the DI line maintains a bullish standpoint and signals further recovery.
EMA: The 50 and 200-day EMA maintain a positive alignment and continue to rise higher, which certifies the uptrend in motion.
Will Bitcoin Cash (BCH) Price Touch $300?
Struggling to overcome the $250 mark reflects a potential pullback to $228 in BCH price. However, the inverted head and shoulder pattern formation will increase the likelihood of Bitcoin Cash exceeding $300. With the potential to continue the rally above, the reversal from $228 or the $250 breakout will prove a crucial entry point for sideline buyers.
Considering the price breaks below the $228 post, the downtrend will plunge the prices to $200.
Yes 
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