Bitcoin Cash price analysis: BCH/USD could retest $200 support on reacting to the rising triangle

  • Bitcoin Cash price holding above $220 short-term support but the rising triangle hints return to $200.
  • The trend is still generally in the control of the bears hence more downside is expected before significant recovery is expected.

Bitcoin Cash bulls have been fighting almost a week now to come out of the ‘pit’ they were pushed into during last week’s declines. October has been predicted to be a good month for cryptocurrencies as they find their balance and look forward to new levels towards the end of the year.

As for Bitcoin Cash, the intraday trend is generally bullish although the cryptocurrency live rates show a 0.24% loss on the day. The low volatility coupled with the little trading activity means trading opportunities will continue to be limited.

The full stochastic oscillator in the four-hour range shows that the bears are starting to get the better of the buyers. The indicator is sharply diving toward the oversold. Besides, the gap between the 50 simple moving average (SMA) on the one-hour chart and the 100 SMA signals that the bears are likely to stay in control.

In addition to that the formation of a rising triangle pattern means that if the trendline support is broken, BCH could plunge right back to levels around $200. For now, the buyers must ensure to hold above $220 support and focus on elevating Bitcoin above $230 and $240 respectively.

BCH/USD one-hour chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin will surpass gold by market value and cost over $500 000 in 9 years - Bobby Lee

One bitcoin will half a million dollars by 2028, according to Bobby Lee, the co-founder and the former CEO of China's lowest cryptocurrency exchange BTCC.

More Bitcoin News

Stellar (XLM) retreats from weekend high, stays in green on a day-to-day basis

Stellar (XLM) recovered from the recent low of $0.0683 to trade at $0.0815 on Sunday. By the time of writing, the coin has partially reversed the gains and settled act $0.0778; however, it still enjoys 3% of gains on a day-to-day basis. 

More Stellar Lumens News

Ethereum price analysis: ETH/USD sits in a long-term range

ETH/USD is trading at $186.57 at the time of writing, having retreated from the intraday high of $190.28. The second-largest digital asset with the current market value of $20.3 billion has lost 1.34% of its value since the beginning of Monday and stayed mostly unchanged on a day-to-day basis. 

More Ethereum News

Ripple price update: Reignited bearish momentum targets $0.27

Ripple continues to be depressed towards $0.27 (recent support). It is clear recovery towards $0.30 is nothing but a mirage based on the current technical picture.

More Ripple News


Bitcoin Weekly Forecast: Bulls wasted their chance

Bitcoin has been oscillating in a depressingly tight range since the beginning of November. Vanishing volatility makes it harder to engineer a decisive breakthrough from the range. 

Read the weekly forecast