Bitcoin Cash (BCH) moved towards the $ 220 support after falling on September 13th. Brandon Gallegos is a Trading View analyst who believes the BCH price will increase to $ 450.
BCH’s price line approached its daily high of $ 234.21 in the first six hours yesterday. In the evening, the cryptocurrency hit the daily low at $ 219.59. Until then, Bitcoin Cash had a bit of oversold on the 1-day chart as the Relative Strength Index (RSI) dropped below 30. The cryptocurrency closed the day at $ 221.94.
Today, the price line has crossed the $ 224 mark. At the time of writing, the cryptocurrency was trading at $ 226. The 20-Day Exponential Moving Average (20EMA) can be observed at $ 223, while the 50-Day Moving Average (50MA) is $ 223.
Can Bitcoin Cash Exceed The Set Level?
Trading View analyst BitcornBen believed that the BCH / USD pair would approach a target price near the $ 225 mark. The analyst conducted technical analysis on the 1-hour chart for the BCH / USD trading pair.
The cryptocurrency had previously tested $ 235 resistance on September 13, after which it dropped drastically. The cryptocurrency was moving above the $ 220.5 support level, showing a bullish trend on the 1-hour chart. The level of $ 188 was shown as the stop loss for this trade.
Will Bitcoin Cash exceed $ 630?
Another Trading View analyst, Naif believes the BCH price will rise above the rising triangle pattern and enter a rising wedge. The key resistance level for trading was marked at $ 630. According to the analyst, if trade kicks in, the price line will rise by 500%.
The BCH price fell 500% in December 2018 and then entered an ascending triangle pattern. The analyst highlighted the target values at $ 630, $ 940. According to the analyst, if these target prices are met, the cryptocurrency will continue to rise towards $ 1800 in a long-term pattern. This technical analysis is plotted on the 1-week chart for the BCH / USD trading pair.
What’s Next For Bitcoin Cash?
Trading View analyst Brandon Gallegos believes the BCH price will rise to the $ 450 level soon. The analyst stated that Bitcoin Cash has been generating a bullish momentum for the past few months, and a major action is likely to take place soon.