- Bitcoin Cash price prediction expects a rise to $480.
- Strong support lies at the $360 mark.
- Strong resistance lies at the $460 mark.
The Bitcoin Cash price prediction by Zach Balestra from Trading View shows that the cryptocurrency has moved above a long triangle pattern. The breakout is expected to allow the BCHUSD pair to higher resistances, out of which the $480 is up next.
On the 4th of January, the BCHUSD pair turned bearish and moved below the $400 level.
1-Day Bitcoin Cash price analysis
The continuous uptrend that Bitcoin Cash had seen over the first few days of the new year came to an end on the 4th of January, just after the cryptocurrency approached the high of $467.67. At the time of writing, the BCH price was held at the $391.79 mark, with a day’s low of $377.
The fall in the price of Bitcoin Cash occurred just as Bitcoin BTC the cryptocurrency king set itself on a price correction after marking its new all-time high. BTC‘s bulls exhausted on the 4th of January after it approached its all-time high above the $34500 mark. The price correction has caused the altcoin market to see a decline, and Bitcoin Cash has moved below the $400 mark as well.
The cryptocurrency was observed trading between the $390 to $410 mark in the afternoon whilst most of the technicals indicate a buying position for the BCHUSD pair. None of the Moving Averages lean towards a seller’s indication on the daily time frame. This suggests that the cryptocurrency should be bought by the traders per the current position of the asset in the crypto market.
The Moving Average Convergence Divergence (MACD), along with the signal line, stands firm in the upper region of the technical indicator’s scale. The daily time frame also indicates a depleting histogram in the positive region.
The Relative Strength Index (RSI) was held near 60 on its scale while it has recently come back from the overbought region where it touched 80 on the scale.
The upper Bollinger band was being ridden by the BCH price, while the cryptocurrency has recently seen a couple of red candles towards the downside. The longest candle has its wick approaching the midline of the Bollinger bands, which is currently acting as support.
Bitcoin Cash price prediction: What to expect from the crypto asset?
Looking at Zach Balesta’s chart we can see that BCH has recently broken out of a big falling triangle pattern on the 1D time frame for the BCHUSD pair.
This breakout indicates that the cryptocurrency is now in queue for a long-term move towards the upside, with multiple key resistances at the $500, $800, and just short of the $1250 levels, per the Bitcoin Cash price prediction.
The trade volume has been on the rise for the BCHUSD pair over the past couple of months with the RSI for the 14-day time frame standing at 77.53 in the overbought region. The next resistance zone that’s due to be tested and broken is at the $480 level, per the Bitcoin Cash price prediction. This idea is still to come into play as the cryptocurrency is under an ongoing price correction.
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