Bitcoin Cash price prediction: BCH to hit $375 resistance next, analyst
2 min readTL;DR Breakdown
- Bitcoin cash price prediction expects further rise.
- Strong support is found at $335.
- Strong resistance is found at the $365 mark.
The Bitcoin Cash price prediction by Solldy suggests a rise towards the $375 resistance. The cryptocurrency moved to the $340 mark on the 31st of December after turning bearish.
1-Day Bitcoin Cash price analysis
The cryptocurrency was priced at $341.29 at the time of writing on Bitstamp. The BCH price approached a day’s high of $362.68 on the 30th of December. In the afternoon of the last day of the year, the cryptocurrency fell towards the $335 mark.
Bitcoin Cash price prediction: What to expect?
Looking at the candle wicks, the analyst expects the price to break above the falling resistance that the BCHUSD pair is testing at the moment. The cryptocurrency is expected to move towards higher resistances after it breaks above this important falling resistance.
The cryptocurrency is supposed to test the $871.03 mark, per the analyst. The price is expected to break this resistance, after which it will be due to retesting it on the 4H or the daily time frame. If the breakout trade comes into play, the price will hit the 120% target before returning, for this to be a beneficial trade.
Prediction explains that the trading pair is held below a resistance zone that lies near the $360 to $380 range. The price has tested this resistance zone thrice over the past month.
The cryptocurrency is expected to finally break across this resistance zone and see a retest or a mild price correction after the momentum from the breakout exhausts. The price will make a run for the $482.86 target price per the analyst, right after it should complete the price correction. The first target for this long-term trade lies at the $480 mark, while the second target is near the $620 level. The long-term entry-level for this trade is at $380.
The cryptocurrency is expected to move long from its current position. Per the analyst, the next levels that Bitcoin Cash will test are the $406, $498, $515, $636, and the $723 marks. The target price for this long-term move lies at the $723.54 mark.
The chart shows that the cryptocurrency is inside a falling wedge pattern and it is moving towards the upper boundary of the wedge. If the price tests and breaks above this falling trend line, the cryptocurrency will easily be able to move towards the second and the third targets for this trade. Per the analyst, the first three targets will be easy for the cryptocurrency to hit.
The cryptocurrency has been travelling on top of an ascending support line for a while and the Trading View analyst Solldy is of the opinion that the crypto will soon test the $375 resistance.
On the 31st of December, the cryptocurrency observed a downtrend and moved towards the $340 mark. Bitcoin Cash continues to trade in the $330 to $370 range, and the analyst is positive that the coin will retest the $375 resistance soon.
