BCH Price Analysis: Will This Pattern Push BCH TO $300?

The post BCH Price Analysis: Will This Pattern Push BCH TO $300? appeared first on Coinpedia Fintech News

As the overall market recovers, with Bitcoin taking a bullish step in October, the altcoins are on a positive track. Even though the BCH price breached the $250 mark in the first two days of October with a remarkable growth of 10%. 

Despite this, the overhead supply pressure at the psychological level caused a sharp correction in the Bitcoin Cash market price. However, with the sentiment turning bullish, expectations for the Bitcoin Cash price prediction in 2023 remain optimistic.

Although there has been a recent correction, the overall trend of the BCH price suggests a bullish revival and a rise to higher levels. The bullish reversal from the buyers’ region at $180 and the 200-day EMA provided the Bitcoin Cash price with a springboard to regain momentum.

Moreover, the recent sharp correction to the $230 mark increases the chances of an inverted head and shoulder. Currently, the altcoin price trades at $231.50, with multiple Doji candle formations at the $230 support level.

With the underlying bullish sentiments averting downfall, the chances of BCH price taking a reversal to $250 are increasing. This recovery phase will complete the bullish pattern with the neckline at $250.

Technical indicators:

Coming to the technical indicators, the Directional Movement Index sustains a bullish point of view. 

DMI indicator: The ADX line (black line) has shot up in recent times, indicating a strong momentum. Additionally, the DI line remains bullish, signaling further recovery.

EMA: The 50 and 200-day EMA maintain a positive alignment and continue to rise higher, which certifies the uptrend in motion. 

Will Bitcoin Cash (BCH) Price Touch $300?

With plans for a bullish reversal from $230, the inverted head and shoulder pattern presents a trend reversal opportunity in BCH price. However, if the price struggles to overcome the $250 mark, it may lead to a potential pullback to $228. 

However, the inverted head and shoulder breakout will increase the likelihood of Bitcoin Cash price exceeding $300. With the potential to continue the rally above, the reversal from $250 or the $250 breakout will prove a crucial entry point for sideline buyers. 

Considering the price breaks below the $228 post, the downtrend will plunge the prices to $200.