BCH Price Analysis – October 20
Bitcoin Cash market is indecisive as the price moves in sideways within the channel.
Resistance levels: $250, $260, $280
Support levels: $192, $182, $172
Looking at the daily chart, BCH/USD price has continued to move in a flag formation, waiting for a potential breakout. The daily breakdown shows us that BCH/USD has been following the upward movement since the market opens today. The coin is currently trading at $226 which is around the moving.
As of now, a sudden surge in volatility is likely to occur in the short-term outlook as the market remains indecisive. A bullish wave may shoot the price of BCH to a peak of $250, $260 and $270. Inversely, we can expect a bearish surge to bottom at the $192, $182 and $172, while the signal lines of stochastic RSI is at the negative side.
Comparing with Bitcoin, The recent lateral move is due to the price stability in trading on BCH, which shows that the resistance-support is in equilibrium. Another thing to note here is that the market is preparing to change the trend and a short-term bullish breakout is most likely to play out and it may find the nearest resistance levels at 0.0285 BTC and above.
Moreover, the only condition for a bearish trend to continue is if the 0.0266 BTC level failed to provide support for the bulls, then the price may likely drop to the critical support levels of 0.0260 BTC and below. Meanwhile, the BCH/BTC pair continues to remain in a downward range while the RSI (14) is moving above level 40.
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