Market Analysis

BITCOIN CASH PRICE ANALYSIS & PREDICTION (October 17) – BCH Rejects $250 Following Recent Surge But Daily Outlook Remains Bullish

Aside from Bitcoin, BCH also saw a surge in volatility yesterday following a daily 25% gain. Half of this gain quickly washed away due to a sharp rejection. It now sits calmly above a support level, brewing for more surge.

Following the June rally that returned more than 200% gain in the space of three weeks, BCH managed to close that month bullish and went through a broader bearish correction in the following month.

It found support in August and started to regain strength, though the buying pressure was not much significant compared to that of June. However, it has managed to tap $256.5 earlier this month. 

On the daily chart, BCH is forming a higher high and higher low pattern inside a channel. It failed to create a new higher high yesterday due to a rejection at $250. Still, there’s room for more increase if the bulls regroup well above the important $220 level.

Otherwise, the price may continue to drop until it finds a firm level for support. The August rebound level of $165 remains a key support to keep in mind for a major breakdown. 

However, if the buying volume increases by the day, we can expect a break out of June’s resistance level in the upcoming week. BCH remains bullish on the daily scale, with over 100% gain in the past year. 

BCH’s Key Levels To Watch

Source: TradingView

If BCH retakes yesterday’s $250 resistance level, the potential resistance level for an increase would be $268.5, located around the upper boundary of the ascending channel. Above that level lies $293.

A drop below the current holding support of $225.5 could slip the price to $202.5, which lies slightly below the channel. The $180.5 level is the next support to watch in case of more dips. 

Key Resistance Levels: $250, $268.5, $293

Key Support Levels: $225.5, $202.5, $180.5

  • Spot Price: $229.5
  • Trend: Bullish
  • Volatility: Moderate

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Image Source: pevgeniy/123RF // Image Effects by Colorcinch

Leave a Comment

Your email address will not be published. Required fields are marked *