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.
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.
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