Bitcoin Cash Price Prediction October 2021: Will BCH Reach $700 Again?

BCH Technical Analysis – October 2021

Monthly Analysis

Over the last 30 days, BCH decreased by around 41%, making BCH quite bearish for the majority of September. However, a rounding bottom pattern emerged, and the price of BCH started increasing again. If BCH manages to break the resistance structured at the neckline of the pattern, then we could see BCH become even more bullish.

Bitcoin Cash Price Prediction October 2021: Will BCH Reach $700 Again?

Weekly Analysis 

In the last 7 days, BCH has been on an uptrend. The price has increased by around 33% in just the last 7 days, making BCH bullish in the short term.

Bitcoin Cash Price Prediction October 2021: Will BCH Reach $700 Again?

Daily Analysis

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In an intraday chart, BCH has been as volatile as usual. While the price seems to be in consolidation in a 30-minute chart, the short-term trend is still bullish for BCH.

Key Structures

Support

  • $562

Resistance

  • $655

Indicators

Moving Average

Due to the recent price increase, the 20-day moving average is now below the price, meaning that the trend is now upward and that the price could increase in the coming days.

The 9-day EMA is also below the price and is currently acting as support for BCH by not allowing the candlesticks to close below it. This is another indicator that suggests that BCH could increase.

Relative Strength Index

The RSI of a daily chart is now approaching 70. This shows strong bullish tendencies and that the price of BCH is increasing at larger rates. However, if the RSI goes above 70, then we could see a dip in the price of BCH. As for the 40hour chart, the RSI has been on the edge of the overbought region, which indicates once more that traders are quite bullish for BCH.

MACD

The MACD line is above the signal line, indicating that the momentum is bullish for BCH. It is now headed above the baseline. It is already over the baseline and still above the signal line in a 4-hour chart.

Fear & Greed 

The fear and greed indicator in a 4-hour chart suggests that the current emotion for BCH traders is greed, meaning that traders are optimistic.

Bitcoin Cash Price Prediction October 2021: Will BCH Reach $700 Again?

Fibonacci

The Fibonacci retracement levels suggest that the price of BCH recently retraced to the 61.8% level, and then aimed for the 23.6% extension level. Fibonacci ratios were respected in this case. 

Bitcoin Cash Price Prediction October 2021: Will BCH Reach $700 Again?

Price Prediction BCH – October 2021

Based on this technical analysis on Bitcoin Cash (BCH), we could see the price of BCH head higher in the coming days. If BCH is stopped at our projected resistance, then its price could go down. However, if the neckline from the rounding bottom pattern is broken, then we could see BCH aim for $670 and even close to $700 this month.

Latest News for BCH – Affecting Price

U.S. Bank, which is one of the biggest financial institutions in the US, has recently announced that it is offering custody services for major cryptocurrencies such as Bitcoin, Litecoin, and Bitcoin Cash. As more cryptocurrencies become implemented by businesses, governments, and even banks, their market cap could hugely increase.

Also read: Bitcoin Cash Price Prediction 2021 and Beyond – Is BCH a Good Investment?

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