Bitcoin Cash long-term Price Analysis: 21 October
Bitcoin Cash has moved back up to 5th in the charts after dropping down to 8th a few weeks earlier, and now the asset indicated a return of collective volatility alongside the market. While the asset tested $267 earlier this week, currently it is consolidation near $250. With the trend gunning for another breach above, we analyzed BCH’s current and future possible moves.
Bitcoin Cash 4-hour chart
(https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2020/10/21152124/BCH-12.png)
Source: BCH/USD on Trading View
While Bitcoin Cash is currently consolidating near the $250 range, the price of BCH attained a high of $267 on October 16th. While the re-test at the resistance was less than anti-climactic, the current cup and handle pattern might indicate a prevalent bullish breakout. Awaiting completion since its formation in the 1st week of September, the pattern is close to a breakout if the market structure behaves according to the analysis. While volatility and correlation played important factors as well, BCH’s current price movement is definitely in-line to attain a position above $267 or $270.
Learn more about the analysis here. (https://eng.ambcrypto.com/bitcoin-cash-long-term-price-analysis-21-october/)