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Bitcoin Cash Price Forecast: BCH traders can bank on short-term bounce to $228

  • Bitcoin Cash price could trigger a small move to $228.
  • There is a chance that investors might get an opportunity to accumulate at $197. 
  • Invalidation of the bullish thesis will occur on the breakdown of the $197 support level on the daily time frame. 

Bitcoin Cash (BCH) price presents an opportunity that could profit traders who are bullish on the short term. Additionally, investors might get a better chance to accumulate due to a pullback to a key support level. 

Also read: Week Ahead: No ETFs, but crypto markets might be preparing for a quick rally ahead of Powell's speech

Bitcoin Cash price ready to move higher

Bitcoin Cash price shows signs of moving higher after creating a local low at $204. This shift in trend could continue until BCH sweeps the $225 and $228 levels, resting above which is buy-side liquidity. 

The main bias of this forked coin is bullish, and interested investors can decide to enter this trade from the current position of $212 or wait for a dip to $197. 

Further supporting this outlook is the Relative Strength Index (RSI), which has flipped above the mean level on the daily. On the 12-hour chart, however, the RSI has recovered above 50 after a brief dip below it. Both of which suggest a bullish resurgence. 

The Awesome Oscillator (AO) is also attempting a reset at the zero level, which adds credence to the bullish outlook. 

Read more: Bitcoin Cash price peeks 15%, liquidates millions in short positions amid Franklin Templeton ETF hype

BCH/USDT 12-hour chart

BCH/USDT 12-hour chart

On the contrary, if Bitcoin Cash price fails to hold above the $197 support level, it will signal a continuation of the downtrend. A decisive daily candlestick close below this barrier would invalidate the bullish thesis by producing a lower low.

Such a development would see Bitcoin Cash price eye the sell-side liquidity resting below $176.

Also read: Binance reopens Belgium operations after three months of suspension by FSMA

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

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