Bitcoin Cash price is trading in the green and the bulls remain strongly positive with the target set on $250 and $300.
Yesterday, October 8, the price of Bitcoin Cash (BCH) was consolidating under the descending channel. The bulls pushed the price to $239 before adjusting to the price level of $238. Bitcoin cash price will have to maintain this level to guide against the downward pressure and the closest support expects the coin at $202, which is the September 26 low.
However, Bitcoin Cash price is trading at $239 level and still evolving in-between the 9-day and 21-day Moving Averages (MA). On the upside, if more buyers emerge, the coin will face resistance at the $260 and $270 price levels. On the other hand, if the bulls fail to continue the uptrend, the crypto’s price will decline towards the $200 support level.
Meanwhile, the Relative Strenght Index (RSI) (14) is moving at level 40, which is an indication that the market might go on sideways.
On the 1-hour chart, BCHUSD price is in a bullish trend. The chart shows that the recent consolidation under the descending channel was necessary for the ongoing bullish action. However, the support formed between $212 and $215 provided air-tight protection allowing the bulls to push the price upward towards $250 and $300 levels.
Meanwhile, the BCH market is in the oversold region of the daily stochastic but above the 70% range. This indicates that price is in a bullish momentum and buy signal.
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
