BCH Price Prediction – November 3
Bitcoin Cash (BCH) upsurge astounds the intraday traders. The price movement indicates a breach of the immediate resistance level.
Resistance levels: $325, $335, $345
Support levels: $250, $240, $230
BCH/USD seems to be picked up its pace and has risen above $290 and if the BCH trading volume can continue to increase significantly, a bullish run is likely to occur. Following the recent price, Bitcoin Cash is currently facing a critical resistance at $300 level at the upper boundary of the channel. A break above the ascending channel is likely to produce a huge green candle to the upside, marking resistances at $325, $335, $345 levels and above. By then, the BCH market will follow a bullish run.
However, if we observe the movement of the BCH coin, the coin has been showing an uneven movement with several rises and falls. It has not been able to maintain a consistent bullish run. As the RSI (14) moves towards level 70, a precise bear cross might reveal a sell signal for the market and it may start to show signs of a downward movement slowly from the latter part of the week.
Moreover, a bearish step back is likely to roll the market back to $250 support with a possible break down to $240, and $230 supports, establishing a new yearly low for the market. Looking at the chart, we can see that the trading volume is rising slowly, giving a sign of an upcoming big move.
Against BTC, the market bounces back from 2 days falling to move above the 9-day moving average. Yesterday, BCH eventually pushed the price upward and raised it to 0.031 BTC before the slight drop. Today, Bitcoin cash has now signaled a bullish rally, likely to meet resistance at 0.033 BTC and 0.035 BTC if pressure rises. In fact, the stochastic RSI is around the overbought zone.
Meanwhile, from the market structure, we can say the bulls are trying to regain control of the market. Before the positive climb start, BCH is likely to retrace to the break level around 0.030 BTC. Should Bitcoin Cash drops below this consolidation area, the price may find support at 0.0293 BTC and 0.0283 BTC levels.
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